Great Depression Coming & Bitcoin Going To $0 or $1 Million? - Peter Schiff vs Raoul Paul Debate
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- เผยแพร่เมื่อ 28 เม.ย. 2024
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We can agree we are in a time of transition, so what is the next best move?
In today’s episode of Impact Theory, we’ve got a hot debate between economists and investing experts Raoul Pal and Peter Schiff as we discuss Bitcoin and the future of the economy.
Raoul Pal has become a legend in global economics as one of the most successful former hedge fund managers (retired at 36), and his insights into the current recession, global economy, and volatile markets are well respected.
Peter Schiff is a seasoned Wall Street prognosticator known for his spot on predictions of the stock market performance, including gold, commodities, and the mighty dollar.
In this debate, we’re touching on:
- Value vs. price
- Potential currency collapse and its effects
- Bitcoin's allure and the comparison with gold standard
- Market impact predictions of the 2024 election
- AI's potential to alleviate economic problems
- Differing ways to prepare for hyperinflation or financial repression
- Asset value in a volatile market
- The growing national debt and potential hyperinflation
- Historical patterns of financial repression
- Blockchain technology and digital asset utilization
- The future of Social Security
This episode is a must watch for anyone who wants to look deep into the debates between gold and digital assets, investment strategies amid economic uncertainty, and the possibility of a great depression.
Chapter Markers:
[0:00] Let’s Agree on the Problem
[32:58] Digital vs. Physical Assets
[1:04:02] Eroding Value of Bitcoin
[1:56:55] What About the National Debt?
[2:07:19] Impact of AI and Robots on Economy
[2:37:17] Ideas Causing the Underlying Problem
Powerful Insights From the Debate:
“Instead of taking your money by taxing you openly and directly or even indirectly through a sales tax, [the government] surreptitiously robs you of your purchasing power by just creating money out of thin air, usually with a complicit central bank."
- Peter Schiff
"I've always liked gold, but gold has not done particularly well in recent years. Against debasement on a globalized basis, it still works beautifully well as a global currency, and against global debasement over time. It works. But the really strong debasement we've been having in recent years, it just hasn't done well enough"
- Raoul Pal
"So I think people who are getting out of the dollar or the euro and buying bitcoin have jumped out of the frying pan into the fire."
- Peter Schiff
"What's harder is to say, what the hell does an economy mean after 2030, when you've got endless AI and robots and AGI? What what value do you provide in that world?"
- Raoul Pal
"Because the free market is trying to lower prices by increasing productivity, the government is raising them by creating inflation. And so it's a dance. But to the extent that we can have a huge surge in productivity that's driven by AI or robotics or a combination of the two, that's actually a good thing."
- Peter Schiff
“And I just urge all of us to just make sure that we don't get obsessed by our own mental models, because they will change, and the world changes. And sometimes we can be dead wrong, and sometimes we can be dead right."
- Raoul Pal
"Our ability to stimulate with QE, with inflation is predicated on the false belief that the fed could shrink the balance sheet, withdraw the liquidity, normalize interest rates, we can pay off the debt. When the markets come to the unfortunate realization that that's not true, then the bottom drops out and we can't kick the can down the road anymore because there's no more road."
- Peter Schiff
Follow Raoul Pal:
Website: www.realvision.com/
Twitter: / raoulgmi
LinkedIn: / raoul-pal-real-vision
TH-cam: www.youtube.com/@RealVisionFi...
Follow Peter Schiff:
Website: www.schiffsovereign.com/
Podcast: schiffradio.com/
X: / peterschiff
TH-cam: www.youtube.com/@peterschiff/...
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If you want to dive deeper into my content, search through every episode, find specific topics I've covered, and ask me questions. Go to my Dexa page: dexa.ai/tombilyeu
Themes: Mindset, Finance, World Affairs, Health & Productivity, Future & Tech, Simulation Theory & Physics, Dating & Relationships
I love Both! Bitcoin and Gold (some silver too) Take profit from Bitcoin and buy a little gold as backup. Get some land too if the taxes are reasonable. Its best to have several piles of profitable stuff.
You just solved this three hour conversation! Haha agreed
You are the only reasonable person here!
The 5 G's + 1 B = gold guns ground grub gas plus bitcoin.
Exactly, its called not putting all your eggs into one basket.
For real. I dont trust Bitcoin as a store of value long. If you need that in a few years, the volatility is too much. This bubble will pop when the dollar spikes and hodlers need cash to pay for things
This is amazing. “How to build wealth”
The first step to building wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.
I am fortunate I made productive decisions that changed my finances through my financiaI planner. Got my house in Feb, and hoping to retire soon.
hints if you dont mind
Melissa Maureen Ward
found her online, l’m amazed to partake on this, lt has rekindled the fire to my goals.
This is the best example of a moderator in a debate I've seen in a LONG time. Wow. Almost fully impartial, kept them on topic, did recaps, forced them to define their mindset and why they thought that. The moderator was the MVP of this debate IMO.
When I’m looking for ‘em partial / moderator. Tom Bilyeu is cream of the crop!! Love it!
What was needed was sorely lacking - someone to tell them that they're both wrong . The rich man's game is coming to an end . That's why all of the big hitters are selling their stocks in their own companies , and why they have built and are ready to go into their underground bunkers . They know what's coming because they planned it all , and they know it's not going to be pretty . Especially for those on the surface , where they don't intend to be .
Yes great job
Tom to moderate presidential debates!
Agree 100%
Please buy Bitcoin and don’t listen to Peter, if you can though. He's just too stubborn as a mule. I regret not following my instinct and bought bitcoin some months ago when its price was between $20k and $25k because i listened to Peter. It's quite devastating now.
This is why I only take advices from my advsor for good entry and exit points on any buys. Best decision yet.
Right, a lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m
@josephbush May I know the name of the advsor who has been assisting you, please?
Thanks for this. Found her and looked through her credentials before contacting her. Once again many thanks.
Shitcoin is all hype.. there is no predicting it.. it relies on hype and propaganda to go up..
This was one of the most fascinating debates I have ever listened to. I am seventy years old and have been self employed since my late twenties. I appreciated both sides of the discussion and the moderator did a fantastic job in controlling the debate and expressing his own views. I think it’s fair to say that this debate reflected generational differences which added to the interest. I totally "got" Peter Schiff's perspective because his is the rationalization that I have grown up with. However, I was intrigued by Raoul Pal's perspective and actually found it inspirational, and perhaps that is what is needed in this world right now more than anything else. Congratulations to you three gentlemen, you all did yourselves proud!
They are both full of it.
Bitcoin is a speculation product and a poor means of exchange
Gold is a commodity and store of value but mostly propped up by peoples egos.
Raoul exposed himself when he said the point he backs bitcoin is his ability to make money from it.. Dollars. It all comes back to making dollars - the real means of exchange.
Both speakers have an agenda and bias, thanking them for that is foolish.
Sorry, just being honest
@@investoroncoke And you're on coke, so we should definitely value your opinion.
Agreed. Great discussion on the issues.
Really? I went in open minded, and was very Disappointed at what peter said his argument was very loose and he made paul raul's point for him many times. Peter needs to do his homework and actually come up with valid arguments. Using his watch as an example of how gold has value and Bitcoin doesn't has to be the dumbest thing I've ever heard.He proved that gold is not much different from Bitcoin.
Nobody Mentions The fact that if gold at some point is able to be created from other Materials, then the price of gold will dump like Crazy.Because the supply goes way up and it will become worthless.That's the biggest thing I think about when you compare the two. They aren't much different.
Reminder to self, come back in 10 years and re-watch.
When you watch this in 2034 Peter Schiff will seem like the prophet who knew everything. Raoul will be an example of the delusion that was pervasive.
there will be no "10 years"; it's all going to be over in 3-6 years "ALL-- EVERYTHING" !!
@@metapresentations8918😂😂wake up ffs bitcoin gona wreck him as it has for 15 years
Bitcoin 2.7million dollars, gold 5500
Central Banks can use governments to sanction Bitcoin when the CBDC comes out. The same is true with gold or silver.
Still, China, Russia, India, etc. have been stock piling gold for over a decade.
What we really need is to get Peter Schiff and Michael Saylor in the same room!
"People who use gold as a store of value,we call them poor" 🤣
That will never happen. Saylor will never debate Peter Schiff because he has too much invested in $hitCOIN and knows full well that Peter is more than capable of instilling his greatest fear and more than the small amount of doubt required to SCHIFFt the HODL (Hold On for Dear Life) mentality to RYL (Run for Your Life). GET OUT WHILE YOU STILL CAN. $hitCOIN is the 2nd biggest ponzi in history, second only to the largest ever ponzi scheme currently being run by the US Government with the aid of the Federal Reserve.
Schiff doesn't belong in a room with Saylor, and Michael probably wouldn't waste his time with Schiff.
@@russbilderback YOU'RE ABSOLUTELY RIGHT!!!! Saylor doesn't belong in a room with Schiff he belongs in a prison cell. The amount of people he advocates should invest all their money into $HITCOIN is criminal. A lot of people, including you obviously and every other HODLer, will unfortunately be left holding a digital wallet 'full of nothing' when the 'whale pumpers' like Saylor head for the exits, culminating in a huge transfer of wealth from the foolish greedy delusional (getting in at the elevated price levels) to the cunning and nefarious who will decide the best opportunity to exit this massive ponzi scheme. Good luck to you and all the others who freely participate in this 2nd largest ponzi scheme, second only to the largest ponzi scheme currently being run by the US Government and the Federal Reserve. Don't say you haven't been warned or cry to the government for regulation. No one should take pity or have any sympathy for anyone who gets burned playing with fire.
Why? Schiff would just embarrass himself even more with his anti-bitcoin mania. BTC is overtaking silver shortly in market cap and in a couple of years I think it will have surpassed gold too.
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?
I'd recommend Sam Deymon as the ideal finacial adviser to use.
He's TE LEG RAM....
@samdeymon53 💯..that's it = 4 advise..
Cant thank Mr Sam Deymon enough $538,650.00!
Great content for the best person thanks for your sharing raod
I’ve been watching SAM DEYMON channel for the past couple of weeks. I’ve learned so much and just want to say THANK SAM. Mr Sam deymonu inspired me to start dropshipping and pursue my goals in business. Best of luck to you all and your future 💯
He's TE LEG RAM...
@samdeymon53 ..... 💯💯....that's it = 4 advise.
With Mr SAM DEYMON you anywhere can take classes to learn to trade and also earn along the process .
Thankful for the content so i can reach out to him.
People prefer to be entertained than to get educated.
Peter Schiff's 480p camera shows where is the best store of value.
Lmao the same old logitech
Peter's investments have tanked so much he can only afford a 480p camera.
😂
@@squishyplums2415 💀💀
240p barely
Bitcoin's momentum is undeniable, but Weewu integration of gaming and crypto brings a fresh perspective.
hi scamer
its the worst bullshit ever you dombo
Why would you what a "fresh perspective," while you can still buy old gold?
Bitcoin fans consist of two categories: gamblers and cult members, that's it.
@@USGrant21st All smart people, and rich soon as well 🤙
Tom, Peter, Raoul are amazing. “How to build wealth”
The first step to building wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.
I am fortunate I made productive decisions that changed my finances (gathered over 1M in 2years) through my financiaI planner. Got my 2nd house in Feb, and hoping to retire soon. Give this a try and attain good-returns.
researvh the name, if you care.
REBECCA MARTIN WATSON
Haven’t seen such a classic “Old vs New” debate in ages !
We need a Michael Saylor debate with Peter Schiff!
And whats he gonna say?
Not gonna happen. Waste of his time
Saylor....😅
MS would destroy him
Michael "Trust me bro" Saylor
Mr. Schiff. 30:39 Gold is not the best conductor of electricity, SILVER is the best conductor of electricity; followed by copper then Gold. Gold is # 3. Silver is a strategic Metal used in industry, military weapons solar panels, cell phones, electric vehicles, computers, televisions, mirrors, medical equipment. The mining ratio is 7 to 1 . The purchase ratio is about 85 to 1. Silver is massively undervalued.
100% silver stacking dwarves both arguments
I don't think this is true. I think Gold is the best conductor. Why would they use gold for PCB components if silver is better and 80x cheaper? Same with cables, like high quality audio cables for example are gold plated, and marketed as gold plated for superior conductivity and less loss of the audio signal. Also, silver cables would tarnish over time, and again I'm not like a scientist so maybe I'm wrong, but it would seem like as the silver tarnishes it would be come worse and worse at conducting, where as gold doesn't tarnish.
He likes silver as well, though he way over-emphasizes gold.
Silver demand for solar and EV’s 📈
Gold is pavement in heaven. It's just a mineral, a rock, a metal that's pretty.
There is a generational issue here. Truth is, Bitcoin itself is the gateway to what the digital future will be. It's easy for Trad-fi to make a case against bitcoin while ignoring the fact that the real disruption is blockchain. Bitcoin and the word crypto are just unfortunate names that people without the understanding can get distracted. What is considered "real thing " is not going to be the same when blockchain becomes the source of truth. It's a good debate and hats off to RP for keeping his composure.
What are you actually saying? If it's a gateway, doesn't that just make it disposable when a new better thing comes around?
not sure what that other comment is yapping about but agreed. Peter simply doesn’t fathom the digital frontier and its impact/“value” it will have and already has on generations today and to come. pffttt oh well
Despite Peter & Raoul being so close in age, I can't help but notice how they embody the thought patterns and conversational styles of their respective generations. Peter is pretty solidly a Baby Boomer in strength of conviction and emphasis on values and continuity. Meanwhile Raoul is classic Gen-Xer, introducing a lot of space for uncertainty, self-critiquing and investigating the implicit biases of the different economic narratives.
Underrated comment
Raoul is more versatile better mind.
Great observation
It seemed like Schiff didn't have enough respect for the younger generation. A few comments were really dismissive.
I'm Gen-X Bitcoin is an open source algorithm with 20K permutations. Good luck betting your future financial health buying bitcoin at 40K+ USD I prefer income producing equities, property and some cash.
One of the greatest link ups we didn’t know we needed
No it isn't. Peter Schiff is mentally ill. He has been on record saying Bitcoin will go to zero every year for the past dozen years. If you listen to this fool, your brain is broken.
💯 agree… enjoyed every minute!
Both made excellent points
Who’s we?
the viewers @@michaelholmes8848
Hope to see more of these debates, thank you Tom.
Nice balanced viewpoints. Good insights, thanks.
For those who believe, no proof is necessary.
For those who do not believe, no proof is possible.
You just described the mass deformation being forced on societies. Just a vapor.
well, if those who believe will be proven wrong I am not so sure if they agree to your statement
For those who believe, there’s room for disbelief.
For those who know, there’s no room for belief.
Exactly
200 million users of bitcoin currently. It's called consensus. It could also be called proof. Depends on what your measure of proof is. Perhaps after this bull market where the residual users have doubled to 400 million?
Speaking as someone who has watched financial interviews for a decade. This is one of the best interviews I have seen with 2 of the greatest financial minds and a great host.
Lol. How can you say that. This Peter guy is a complete idiot. Lack of intelligence.
I don't know man. This peter schiff guy is a clown. There are way better arguments against bitcoin if you go through the letters sent to SEC to object the ETF approval. Things like how it's centralized in terms of miners, threat of quantum computing etc. Entertaining to watch tho.
schiff doesn't have a clue what he is talking about.
i agree, superb interview.
a decade of experience and this is one of the best interviews... BRUH... Peter is a joke.
Loved this debate, multiple interesting questions perspectives
Killer debate best one ive seen in a long time . Im hoping to see a round 2 between these two. There peofessional and articulate about the subject
ONLY TIME WILL TELL. THIS VIDEO WILL BE WATCHED FOR MANY YEARS TO COME. Well done Tom!!!
Hindsight is 20/20… Unfortunately we can’t invest in hindsight, so we have to research and make the best decision based on the information available today.
@Donkor640
I was in bitcoin at $8 when I was a teenager playing video games and some dude told me about it and all I could do with it was buy drugs on silk road. While I kick myself every day for selling way prematurely, instead of realizing how many suckered there would be, I definitely agree with Peter's side.
Bitcoin has no more intensic value than fiat currency. It makes no sense. It's like the great Tulip speculation. It's based on "muh technology" and "you boomers wouldn't understand". I was a 20 year old bitcoin (almost) millionaire and today I have gold, silver, guns, ammo, and real estate...Bitcoin never added up, I'm still skeptical that it's some globalist banker psyop tbh.
Today it feels like people are reeled into it as a pump n dump dreaming of the massive upside people like me had...well...I think that's over. Any nominal rise in bitcoin will be due to pure speculation and inflation of the underlying fiat currencies used to purchase it.
@@griftinggamer That’s an amazing story to have $8 BTC! I wouldn’t beat yourself up about selling it though, because nobody expected it to be this huge in such a relatively short period. Even Raul has a story of selling off a bunch of his Bitcoin after making huge gains on his early investment.
I think the problem people have with taking cryptocurrencies seriously is that it’s human nature to cling to the way we’ve done things in the past. There’s a level of certainty in the status quo, and there’s its uncomfortable to branch out into something new. But once you explore the Crypto space and realize how many innovative projects are being developed, you really get the sense that this space will be a large part of the global economy. I’m convinced that anyone who doesn’t understand that part of the puzzle just hasn’t done any research in this space.
I’m almost 50 and the overarching narrative of my lifetime (thus far), is that if you can’t keep up with emerging technologies then you’re going to be stuck in the slow lane doing things the hard way.
I can't wait to watch this in about 3-4 years. Tom, thank you for this. This is beautiful.
Both of these guys were making these arguments 3 - 4 years ago. Peter Schiff is a clown, and what he’s selling is an antidote to fomo. No one that invest in his funds makes money but hey, you get to feel good.
And then what? If BTC is 2 or 3 million in 4 years, Schiff will still be able to say it "will go to zero, because it has no intrinsic value", and Pal could be saying BTC will bounce right back if BTC is around 5000 by that time. But what is obvious is that although there are extreme fluctuations, the lows are getting higher with each run. So, watching it again in 4 years will most likely be a disappointment, because it will give NO clear answer to who was right. But my money is on BTC.
This is the first time I've heard them in about 4yrs, and they are saying exactly the same crap. They both have been saying this crap since the GFC 2008, and they both missed the biggest bull market in history. They have no idea what they are saying.
@@spacewalktraveller1 So, what is your story in a nutshell then that is completely different from both Peter and Raoul?? Seriously, I am very curious to hear a different, and better, perspective. And to give you start, i would like to point out that I am sure Raoul has seen an extreme growth of his wealth, since he has been in crypto since (I believe) 2012 or 2014. And that means he probably did much better than just being in stocks. By the way, Raoul could impossibly have been saying "exactly the same crap" since the GFC 2008, because nobody ever heard of cryptos in 2008 or 2009.
Are you sure about that? How sure are you, that you will be around in 3 to 4 years? Go back to the real world, you only have this moment, tomorrow is a mystery
Fantastic debate! I've learned so much!
We need more debates like this, when people on "both sides" challenge each other beliefs we really get a better understanding. Great episode @Tom
Peter Schiff says, " Bitcoin is 60K, but it was 60K 2 years ago." Gold was $2000 in 2010, 14 years later, it finally broke above it. Did he forget?
*btc currently 72k
He probably forgot about his stock market crash predictions for the past 15 years as well haha.
Did it also go down over 70% in that time?
He’s a moron who doesn’t even understand how and why bitcoin has value. No clue
He also said BTC was going to zero when it was 3k 😂
Tom, it was really nice to hear you moderate this conversation so well. It was really respectfull.
Tom you did great! That was not easy!
It easy to get the temperature out of control, you did a great job. I bought gold at the bank, tried to save but 1dollar gold from the bank is same as 1 paper and people trade it straight across so in long run I was not able to save it. Tokens are easier not to spend. It’s still an invisible asset. One carton of eggs is worth one jar of pickles an a small jar of jelly. So value is what that the other person can use in their life to sustain it.
Tom - you moderated expertly. This was a great meeting of the minds. Great show. One of your best.
yup. Enjoyed the discussions and appreciate you ocassionally stepping in to get back on track
How can he moderate it well if he is in one of the camps???
You guys did exceptionally well 🎉🎉🎉🎉
wow dis is a disscussion what i want t see. Neu channel found. love you!
Bought m first btc and altcoins. im hyped. learning and research is my new daily goal.
First Question:
witch presale shall i buy?
OH THIS WAS SO GOOD! Can we get a part two at the end of the year?
Peter: bitcoin is shit, buy my nft 😂
The official swaps in By-bit has lagged!!!
I just put up vid to show this
When you swap it gives you almost x 8//
scam, not bybit
This is a scam.
Well done excellent debate. The winners were Raul Paul, Peter Schiff, and all of us.
Brilliant interview, thank you!!
Both Peter and Raoul are very smart dudes. Excellent video. I really appreciate both viewpoints.
Totally agree. I have a little bit of both gold, silver and bitcoin.
I would love to see Bitcoin succeed, but it still has some way to go. Needs to be more stable to be able to use it really
Raoul is smart.... the other guy is just a dinosaur that will be extinct soon.
@@aries6776 I guess you did not listen to the whole debate. Buy a beer with Bitcoin. LOL
@@michaelchin3550 No, Neon. what i'm telling you is that one day, you won't have too
@@michaelchin3550 lol I couldn't listen to any more of his anti-bitcoin BS and switched off. EDIT: Yes QE is evil, was that the underlying point? We've known this for 2 thousand years! So many civilizations have run into this issue. They devalue their currency and their empires collapse. Which is why bitcoin is the solution. He's still arguing for gold vs bitcoin right up to the end! He's just a dinosaur who will be poorer than someone who moved their same capital from gold to bitcoin.
"What would have to happen for you to reverse your opinion" was the best question ever.
too bad neither answered it. nothing will convince peter to change. honestly i wouldn't be surprised if he's secretly hedging his own bets with bitcoin.
@@blakelwhitney He has been accepting btc for payment of gold since the early days. Hmmmmm
@@blakelwhitneyyou hit the nail on the head… he would never publicly admit such thing
💯
@@muntkins any sound investor would diversify into the new asset class just in case.
"Speculative mania," as Peter puts it, does not get ETF approval by the SEC. We're way past this argument.
Agreed Peter Schiff make some of the most idiotic statements and has done so for several years
What kind of idiotic argument is that? Bernie Madoff was under supervision of the SEC for years, and they didn't care about his Ponzi scheme or were too incompetent to see it.
The Sec is a criminal organization
The sec is a criminal organization
The Sec is a criminal organization
silver is the best conductor of electricity
WARNING: I will never ask for your contact info in the comments section, that is someone impersonating me!
@TomBilyeu I'd really love to see this exact presentation with Raul Paul and Richard Heart... It won't be the whole gold vs. BTC... The reality is, one is physical & the other is digital & nothing more than a win/lose proposition between buying & selling.
Richard Heart will bring new information to the table in that he's figured out how to improve use as a currency, how to invest your asset to earn more of the asset (without wasting electricity in mining), & has both inflationary and deflationary properties.
Heart uses the BTC model, but improves it for everyone.
This is another ABSOLUTE red flag this is a scam all over the world. If Raoul truly believed in this phantom "asset" he would debate me.
What was their opinion on Shiba inu
Thanks for this debate Tom!
Watch out for the temple in Jerusalem. It will put silver coin over the top.
Given the approval of several Bitcoin ETFs, I'm cautious about FOMO and the potential of a tulip mania scenario. What are the most effective strategies to invest $500k in crypto for maximizing profits in the next 9 months?
Profits hinge on capital; it's recommended to engage with a genuine market strategist to prevent errors and sustain consistent gains.
True. This is why I work with an investment advlsor. I currently have $690k in a well-diversified portfollo that has experienced exponential growth and is well-matched for every season of the market. We are now working on a more figures for this year.
May I know the name of the advsor who has been assisting you, please?
Heather Lee Larioni… that’s my advisor’s name. Thank me later.
Thank you for this amazing tip. I just looked the name up, wrote her explaining my financial market goals and scheduled a call
This was great! Thanks for the content
Amazing conversation, interesting points from both sides. Brilliant interviewer
Dude this was so good - I watched every minute. I have way more questions than answers
And your channel is great too, every minute of it. That said they never mentioned about confiscability of gold as was done several times in the past.
In essence, Bitcoin is about Property Rights. For example, during WWII the nazi government looted over $200 million in gold from the Jews (which equates approximately to over $4 Billion in 2020 currency) to finance their wars to acquire more land. Because someone (or a government) can just kill you to take your gold. But today with Bitcoin (aka “digital gold”) they can still kill you but they cannot get the bitcoin(s) as easily as gold.
Yeah I loved that finally we can get two people that disagree with each other instead of it always being one side. Wished they mentioned monero though lol.
Oh look the guy with the annoying voice.
@@candycaneunicorn8024meany head. Andrei your voice is mid. Goldilocks zone. You’ll be okay ♥️
Ask the question of what is real and what will feed your family.
Thank you for making this debate possible. Hopefully we can get a Peter Schiff vs Michael Saylor debate soon.
I've thought about this debate for a while. Would love to see this.
You need Peter Schiff to say that Bitcoin is going to zero for 10 more years? What exactly about Schiffs argument changes?
That would be amazing but I feel that would probably butt heada really badly
Micheal Saylor is too knowledged to waste time on Peter Schiff
Saylor would OBLITERATE Schiff like nothing
Wow what a powerful program! ❤
A refreshing highly valuable debate for us to form our own ideas, we need to see more opposing long form across all topics.
long story short.. people just need to realize that we as human beings as a collective are the ones that assign value to anything. That this done through supply and demand, scarcity and abundance.
Well said, We put price on rocks (diamond)metal(gold) and is all about supply and demand. Basic economics. $ is paper, the more we print, it worth less. Go back to history, Greece and Rome. look at what happened then and now with the Fiat currency. People collectively can make the difference (GAMESTOP), not only the "big shoots"....
I don’t think the value of anything is determined collectively, but rather on an individual basis according to the need of the individual. Only you can decide what you can or can’t live without. When all things are scarce, the collective is not relevant, to the survival of the individual.
Actually I'd say the real value of something is determined by what it cost to replace it.
Bitcoin has no value other then what people think/say it's worth, gold cost man power, diesel, equipment, repairs, land and taxes paid on it to replace this real asset. (And even with that, there's still a finite amount of it in the ground) You can do literally nothing with digital tokens other then trade them, they have no real/actual value, but unlike other assets they do hog up a lot of real world electric and computing power.
I would also add
gold= money for 5k years
Bitcoin= money for what, 10- 15 years?
Yeah, no, sounds like a fad to me.
@@phantomcharger568it actually costs a lot of money and computing power to generate Bitcoin, it’s not like you blow a balloon and woala you got Bitcoin, doesn’t work like that.
How did no one bring up the fact that GOLD went from $1,750+/- in 2012 down to $1,000+/- in 2015? Gold is also a volatile asset also.
It's true, it's just the difference in volatility is vastly different. Gold had a traditional technical correction after a 600% run between 2001 and 2011. Losing less then 50% after a 600% gain is actually really impressive, I mean for a precious metals.
nailed it.
Central Banks had to beat it down so they could LOAD THE F UP!
What happens to the value of bitcoin if computer people create several other digital currencies with a finite number of units?
@@jobuhayes8767Nothing - because BTC is network dependent - as all value structures are
Great convo between these guys
Thanks for these insights
I watched this debate twice. Great to see experts like Schiff & Pal debate about Bitcoin, the current state of the economy, history & the future. I also appreciated Tom’s moderation, definitely kept the debate on focused, and also appreciated his thoughts.
Possibly the BEST Bitcoin debate I've seen. Both sides of the argument are super legit. 🔥🔥🔥
Schiff has a tremendous blind spot for what makes things stores of value, and it's because his livelihood depends on that blind spot. strange to watch as he is a smart guy otherwise.
Peter is a fucking idiot who demonstrates over and over again he has no idea how digital properties have real value
The basis of Peter's argument is "the reason gold has value and Bitcoin has none is gold has practical, real world uses/demand outside of just being money". considering gold's non monetary uses constitute a tiny fraction of its monetary use, I think that argument is bs.
@@zachbeall6810 I agree. All I know is that crypto has been and continues to be the fastest horse. I just hate that once we all make our gains, the majority of us are going to sell our crypto back into the fiat system we are trying to escape. 🥴
But see that's why you're wrong, because gold has a large use case outside of money. There's a large percentage of goods we produce today that cannot be created without gold. Gold being used as money is a small percentage of use today, so your assumption is actually the opposite of the truth.@@zachbeall6810
Could you talk a little bit bit more about the wave four? Loving your videos! Thank you.
Happy to be here 💯. So much learning
Peter is fighting for his company and the gold industry as a whole. He’s clearly threatened by Bitcoin because it’s a new store of value. It’s the preferred hedge for young people.
100%
21 million x 0 = 0
Yeah that's why he got laughed at on TV for years warning you about the housing collapse, to sell gold🙄 And after that huge transfer of wealth, the elites came up with an even better scam... sell these idiots imaginary nfts and cryptos🤣
None of the central banks are buying Bitcoin. What are they buying?
Thats the point. Who cares about we are moving to a new paradigm of money where we don't need central banks.
All great guys. Raoul is a gentleman, doesn't cut people off and wants open discussion for learning. Schiff is in the discussion to win it. Just what I'm noticing. And to be fair, he is super successful obviously so is use to forcing his view to get the success he wants. Just different communication styles. All great people with great input. Thanks to all. I love to see both view points. Both have value.
How many times did he talk over shiff
I think Paul was insulting but I don’t think he is self aware, and that Raoul & Tom were gracious with him knowing thats his style.
Schiff is not super successful. He would be super successful if he wasn't saying Bitcoin is going to zero for the past 10 years. He has literally made the worst investment call in history.
"Schiff is in the discussion to win it"
I don't think he was but he still did, again..
@@neildeakin4454 Ah, I see you missed the point of the comment here.
What’s the date of this podcast?
Thank you guys for covering all angles and getting along😂 love watching.
Gosh, you learn more about money management and wealth by listening to Tom, Raoul and Peter than 5 years in the university.
We need more of this healthy debates.
Peter was right,gold hit a alltime high
@@DanteSlappedyouwithfacts USD dollar is also in all time high.
Tesla , Apple, Google, Nvidia, Microsoft, all in All time High.
And Bitcoin is also in all time high and Bitcoin is the fastest horse in the race
@@dongshengdi773The value of the Dollar relative to gold, Bitcoin, real estate, stocks, commodities shrinks over time because there is almost no restraint on inflating the supply.
Very professional of Schiff to have an ad on his background..
lol, shows how desperate he is
Super desperate as his business is failing and calls everyone crazy morons because they believe in a modern version of Gold that outshines its primitive roots. Hope to never hear Peter's bullshit again.
ANNOYING
ETF of gold vs Bitcoin is not even comparison… Bitcoin will eat gold!
Who cares! Nobody isn’t forcing you to buy anything!
Everyone has right to sell and advertise for something!!
Peter isn’t looking at the possibility of gold fading away. In this day and age we have material sciences that could have a breakthrough that makes gold irrelevant. Even jewelry could be made with a carbon nanotube or something even better with digital properties to make jewelry “smarter”. I’d like to ask him, if a technique to make gold out of air tomorrow, would you still feel like gold was valuable?
I pray for this to happen in my lifetime so that I can help my family and friends through it.. my greatest fear is at some point that time will eventually come and by then we won’t have the populous that has the basic skills and knowledge to get through those times.. I’m ready and been preparing for this for 2 decades now.. let’s rip the fn bandaid off now while the people with the solutions to fix it are still here
Tom, I really appreciate how you interject to keep the conversation in line, summarize their statements so it’s understandable and provide support to the discussion.
“Trying to be understood, not convincing”
I’m using that. Wow. That is going to help my relationships so much in all kinds of conversations
"The internet is just a fad." - Newsweek Magazine (1995)
"The internet may be just a passing fad." - Daily Mail (2000)
To be fair.. Very very few people or publications said the Internet would be a fad..
lol "Daily Mail". Please don't tell me you are comparing something with infinite value(internet) to Bitcoin?
I'm sure many said tulips were just a fad too.
@@cman5461I believe Crypto has infinite value, but it’s tied to the internet making it impossible to really contrast the two. Just like internet use cases weren’t clearly understood 25 years ago, crypto uses are in their infancy.
The Internet turned out to be very useful, which bitcoin is not, and it got faster, which bitcoin certainly could never do
Great interview , love an honest debate
Such a good debate. I normally dont watch anything that has to do with market debates because nothing is ever certain. Too much speculations but both men did a great job debating their point of view. Host was great as well. New fan of the channel.
I have listened to both of these guys often, and have learned a lot from both. Great debate. So impressed with your skills, Tom, in keeping this debate engaging. Raoul was very respectful.
more like douchey 🙂
I learnt quite a bit listening to both sides, good one.
Two gentlemen debating the way a debate should be. Add to that a moderator who moderated as it should be done.
Yet...Schiff is most definitely interrupting Pal much more Pal interrupting Schiff...so who is the gentleman here?
Not rrally. Peter is explaining his view. The other is just asking manipulatieve questions.
This was an amazing episode 🔥
Age old story it seems, bear vs bull. Both are hard to shake because they backed emotions with analysis, both ideologies can be supported by evidence. Very good job as a moderator and I got a ton of value from this discussion. I envision a future economy where your digital world and physical world are linked by commodity backed tokens, decentralized and proven on the block chain. It's an exciting time and the extreme of polarization on the topic is where the average consumer should look for opportunity.
This was a good discussion and both made their cases. I actually felt enlightened. This is how the world should work and how we learn! Thank you!
Agree!
Peter demonstrates he knows nothing about bitcoin and Raol doesn't know the selling points of it.
Sell it then.
Raoul, you're forgetting that Peter has called 14 of the last 3 bitcoin crashes.
I think Peter might have predicted even more Bitcoin crashes than 14..... Doesn't matter I still buy every dip
😂🤣😂🤣
Cheers Tom 🙂
great debate guys thanks so much
I don't need wealth, I'm happy with good shelter and food to share with family.
It's nice that you have speakers with opposing views on simultaneously. I'd like to see more of that. Thanks!
Tom your such a great moderator! Peter has some good opinions but tends to be aggressive with his debates, that doesnt result to such a fruitful conversation; which you've facilitated now. Keep up the great work!
Great debate guys. Thank you.
You can tell a lot about people who listen compared to those who interrupt. Ral is an unreal listener. And genuinely respects others perspectives (why wouldn’t he, everyone is entitled to their reality). Ral has an amazing humility and his incredibly adaptive mindset is why he is such an unreal mentor for those who dare listen, and stay humble. Thanks Ral.
I agree whole-heartedly 😊
he sounds like a sarcastic prick at 1:30:47 to me
Because Peter is talking nonsense. He's like the people that said the internet was a fad and had no real use.
saying you like to invest in companies that pay a dividend and have earning is nonsense?
also, that is such a strawman, who was saying the internet was a fad with no use? like 2-3 90 year old senators? that was never a prevailing sentiment
@@prouse376
saying he likes dividend stocks and companies with earnings is nonsense?
Maybe 1-2 90 year old senators said the internet was a fad with no real use. thats a total strawman. that was never the prevailing sentiment
@@prouse376
32:25 Watching Raoul's face as Peter says Bitcoin and Easter Bunny in the same sentence was priceless 😂
That was awesome! I’m with Peter
yeah awesome! you stay poor with your tulips@@tstilley1000
@@tstilley1000😂 He said tooth fairy as well 😂😂😂
@@tstilley1000 I remember hearing the same thing about the internet.
@@prouse376 Life was better before Internet
Great Interview!
what a talk, you are all 3 brilliant!!! But it is understandable that something that is not ordinary its hard to accept that is really wow as technology, because of everything you learned over your period of life, that's why nobody is writing a books about that people that goes with the flow. I have read 1000s of books, almost every book about the blockchain technology, history,economics and I was the person against blockchain technology and I took time to accept it openly. And I strongly support the idea that the best case scenario is, "but what if?" so I give all credits to Raoul, smart people understand fundamentals of investments they do. Thank you for such valuable Debate Tom
Tom, very well done for organizing divergent views on important topics. Keep up the good work!
I can’t believe i almost skipped this. Amazing work here. You actually did get something new from Schiff. Maybe it was just a scratch in the well worn record, but I swear I heard something slightly different and saw moments of actual reflection.
RP is always cogent, thoughtful, curious and in dialogue. And he delivered a meta message here about fear and examining our fixation on the past in hopes of mediating future catastrophes when the real power may lie in remaining open to the unknown and riding the tsunami rather than always seeking higher ground. I love how that man is always willing to say - how could I be thinking wrongly about anything… when others are just seeking to be right in a world of complete uncertainty.
What to your guest see as the observations and plans of those who wish us harm amongst this backdrop??? I wonder about the other dimensions of this issue.
This should be a component of EVERY PUBLIC SPEAKING CLASS in every schoolhouse in the land. Raoul (the cool and level headed, low heartbeat guy) tickled Peter's "explode switch" at so many points in this debate. This video has great value and endless NUGGETS OF KNOWLEDGE. Thank You!
An anecdote… I bought 40oz of gold between 2010 and 2017. I held it until last month where I began selling the gold for Bitcoin.
Smart decision
Same here
I first bought gold in 1999, I sold it all about 4 years ago for BTC. I believe BTC is demonetizing gold and will eventually demonetize more financial assets after that.
This is absolutely epic. Spot on. The perfect guests for this conversation, Tom.
QUESTION⁉️ What happens if the grid goes down to Crypto or Bitcoin ⁉️
Great Stream!
Crazy thing, we can buy both!
Buy the one that can’t be duplicated…
What a concept
You own gold for the Mad Max apocalypse until there’s no food, otherwise you own bitcoin unless you want to “own nothing and be happy”
@@davidzawistowski4073it’s open source code! It’s been 14 years and thousands of cryptocurrencies have been created in that time. If you’re still worried about a duplicate project devaluing Bitcoin then you should do some more research.
Peters argument, I prefer receiving my letters in the mail, I can hold it and prove I have it.
😂
Why can’t you prove email? Bitcoin uses cryptographic proof of ownership!😂😂😂😂
This answer.........Legend.
Just look at what's happening. If electric and Internet go down you will see people jumping off. This is their playbook.
How about trusting the election process?
What would you trust more, paper ballot or some kind of a internet election on the blockchain?
And the winner is…
The moderator.
Brilliant job.
Great video!!
Great debate. Do debates like this again
We have already had tokenized gold, it used to be fiat money
Yep, and it failed
It went from money to currency. Difference.
@nick-oi1xf the money didn't fail lol the politicians did.
That's why they took it off the Gold Standard. And then it turned into a fiat currency.
Government can't be trusted with money. Bitcoin can't be controlled by any government and therefore is the perfect money.
I completely understand what Peter is saying however I do on bitcoin, and I do think it will retain its value. I also and still enjoy both, but this was one of the best beats. I’ve seen on this topic props to the moderator and props to both Peter and Raul.
This has been an extraordinary exchange of opinion and points of view. Both very interesting.