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Peter Schiff expressed: Microstrategy bought nearly 9,000 more Bitcoin during Q3, at an average price of $46,876. That’s another $422 million spent, bringing the current market value of its holdings to around $7 billion. Bitcoin HODLers had better hope that MSTR and Saylor don’t run out of money.
Michael Saylor replied: Bitcoin is money, Peter. Everything else is credit.
Peter Schiff: You’re confusing Bitcoin for Gold. Gold is money. Bitcoin is just a digital token people collect and trade. It’s not even a real currency. So Bitcoin doesn’t even qualify as credit. I’m happy to debate you on this anytime, but I certainly understand why you don’t want to.
Community response: Mister Schiff, money is mathematics. Bitcoin is pure mathematics. Gold is metal which I wear on neck and its price is high because gold has useful properties, melts well, conducts electric current, does not rust and is not subject to corrosion. Paper money is nothing. That’s it.
The problem of Bitcoin is based on the premise that there will always be miners to run the show. This premise is not true in the very long run. Humans are notoriously neurotic and subject to mood swings. I bet that in 50-100 years from now, Bitcoin will be no more.
You’d lose that bet. Based on current momentum of Bitcoin infrastructure and growth rate, it’s almost certain that Bitcoin will continue to thrive well beyond 50 years with the exception of a magnificent black swan.
Really? Ask anyone with common sense what would they rather have, a gold bar or a bunch of zero’s and ones? I’ll take the gold bar for two reasons; Actual value and to knock some sense into Saylor head.
Michael, why is the price of MSTR only around $715 and not close to $1300? Michael is right. Bitcoin is the future reserve currency of the world attached to the US dollar to give the dollar value in the future.
Governments won’t tie currencies to anything they can’t create – unless and until they’re forced to. By then the very word ‘dollar’ may have been discredited.
Bitcoin has an implied negative interest rate due to its electricity bill, which artificially drives up prices until no one can afford to use it, including fees. Just as one confused the rarity of tulips with a miracle of God, so one will realize in the end sobered.
Don’t waste your time! He already knows what bitcoin is – he is just trying to hang on to his business. Arguing with Peter Schiff about Bitcoin is like arguing with a drunk at the bar at 2 am about politics.
