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In this episode of Opposing Views, I was joined by Peter Schiff and Robert Breedlove to discuss Bitcoin. We covered a range of topics like decentralization, the US dollar, and the risks involved with cryptocurrencies becoming increasingly popular. Both guests gave their opinion on whether Bitcoin is better than gold as a value standard – a prickly question because you have to consider, among other things, market forces, security, scarcity, inflation, and the potential for a new financial crisis.
Peter Schiff is an American economist, stockbroker, financial commentator, and author. He is one of the few unbiased investment advisors (not committed solely to the short side of the market) to have correctly predicted the current bear market and to have positioned his clients accordingly. He’s also renowned for his accurate forecasts on the US stock market and economy, as well as the mortgage meltdown, credit crunch, and subprime debacle. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc. You may also recognize him as a frequent guest on national news or as the host of the Peter Schiff Show Podcast.
Robert Breedlove is an ex-hedge fund manager, philosopher, podcaster, and advocate of cryptocurrencies – especially Bitcoin. He describes himself as a freedom maximalist whose mission is to “cast light on the corruption of money.” Breedlove is the CEO and founder of Bitcoin consulting firm Parallax Digital. He also hosts the “What is Money?” show, where he engages in deep conversations with some of the world’s most prolific thinkers.
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Find more Peter Schiff on his Podcast the Peter Schiff Show: https://www.youtube.com/channel/UCIju…
Also check out his asset management company if you are so inclined, at https://www.epacfunds.com
Find more Robert Breedlove on Twitter @breedlove22, and check out his podcast the What Is Money Show at https://www.whatismoneypodcast.com/
[02:08] Introducing guest Peter Schiff
[06:05] What is the current state of the US Economy?
[09:42] Is cryptocurrency partially responsible for the inflation of the US dollar?
[13:02] Is there a way to make crypto a practical, spendable currency for the average person?
[13:17] “The real case use for any cryptocurrency right now is as a gambling token. People don’t buy it to spend it, they buy it as an investment to see it appreciate in value.” – Peter Schiff
[18:44] Would Bitcoin or another cryptocurrency be a viable solution for a country with an unstable fiat currency to control inflation?
[24:44] Exploring the possibility of a gold standard cryptocurrency
[27:50] Peter Shiff’s advice for people considering Bitcoin as an investment
[41:09] What value does Shiff place on the decentralized aspect of Bitcoin’s construction, not needing a governing center to regulate supply through inflation
[43:05] “People thought they were going to get rich off of beanie babies. Once you get in a bubble you stop seeing reality.” – Peter Schiff
[46:52] Wrapping up with first guest Peter Shiff
[53:51] Introducing the second guest Robert Breedlove
[55:12] What Bitcoin is from Breedlove’s perspective. Is Bitcoin at a disadvantage not being a physical item like gold, which can be used for its physical properties?
[01:01:23] How did we transition from gold to paper money?
[01:06:53] Why does Bitcoin not need to backing by something like a gold standard?
[01:09:18] History of the US gold standard in the 20th century
[01:13:47] Volatility of Bitcoin, a serious problem?
[01:17:37] “The complex relationship of humanity to money, this is the one lesson we keep having to learn again painfully. Every three generations we seem to forget that we can’t print money to solve our problems.” – Robert Breedlove
[01:18:30] What is Robert’s stance on the future of Bitcoin?
[01:23:18] How can people use Bitcoin effectively for real-life transactions?
[01:26:25] What are the fees associated with using Bitcoin networks for transactions?
[01:30:05] Robert Breedlove’s opinion on the effects of inflation on the US economy in coming years
[01:33:50] “Fiat Currency is a pyramid scheme. Those with access to the recently printed money first get rich at the expense of those who get it later and last.” – Robert Breedlove
[01:36:32] Examining the possibility of governmental regulation of Bitcoin transactions
[01:39:22] Are the beginning stages of Bitcoin really only reasonably accessible to a certain group of people?
[01:42:30] How does Breedlove feel about cryptocurrencies other than Bitcoin like Ethereum?
[01:43:07] Wrapping up the episode with Robert Breedlove
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