VIDEO: Peter Schiff explains why Bitcoin will not become the next global reserve currency.

I agree. It’ll be a US Fiat stablecoin

How can anyone even ‘speculate’ about Bitcoin becoming a global reserve currency? 🤦‍♂️😂

Down syndrome I guess. 🤷

Between Saylor and this Guy. This guy sounds So much smarter then Saylor.

Peter Schiff's been wrong about Bitcoin for 15 years. His argument assumes reserve currencies need government backing. Wrong. They need: (1) Neutral settlement (2) Fixed supply (3) Global accessibility (4) Censorship resistance. Bitcoin wins on all four. Gold failed as reserve currency because it's not portable or divisible enough for digital age. Schiff's selling his bags.

The value in Bitcoin is in its utility. It functions as money far more efficiently than gold does, because gold is cumbersome and requires a third party to convert. Peter's argument is akin to saying that a digital copy of a book has no value because you can't put it on a shelf

Tucker frustrates me when he does this act where he pretends to not understand something to allow his guest to explain Tucker has said before that he believes BTC was made from the CIA or NSA. That alone should disqualify it from being a global reserve currency

Yep. Nano > Bitcoin

The Good: @PeterSchiff correctly differentiates between money and currency. Like gold, Bitcoin is a commodity, a possible base money. The Bad: However, Schiff also perpetuates an age old error: that currency must be “BACKED by money”. Totally wrong, taken from the old failed Gold Standard book. Instead, currency must be “backed” by SAVINGS. Such savings CAN be money but most will be other real value present (not future value). Currency must also be strictly “redeemable” in money but just at maturity. Here, Bitcoin beats gold, as redemption is verifiable, online and decentralised.

Duh.....gov.scam.coin

No. He does not, actually

People around the world are realizing that Bitcoin was nothing, is nothing now, and will always be nothing. People want real money—gold and silver—not speculative assets with no intrinsic value like Bitcoin.

What about a crypto currency backed by gold?

Who said BTC was gonna become a global currency? It’s provided a store of value and is a diversifying investment. I don’t own it. But I don’t own a lot of gold either.

Facts

bitcoin is barely, at the brink of its core concept & taken at maximum willful ignorance, not even a viable means of exchange. It can't be scaled as currency, nor opt as reserves. It's just very flagrant pseudo-currency, also posturing as long cyber gold OP, co-opted by finance.

How can @PeterSchiff be this totally ignorant? He has to be putting on a show. He can’t be this stupid. Really. Can he?

Peter missies the biggest point The real question is not whether Bitcoin replaces the dollar it’s whether competition discipline government money.

Priceless

So. In a hyperinflation, BTC will hit $500,000. And gold will hit $1,000,000,000.

We know, Peter, we know

Dogecoin is real money!

Bitcoin is Fiat repackaged and presented in a different format. I know,this is Rocket science. Save in Fiat backed by nothing or save in Fiat backed by Cryptography, mathematics and scarcity, we call it Bitcoin. 😁

bitcoin is fiat😂😂😂

The man of the hour.

Yuan

btc is not fiat and it's not on faith. it's on blockchain, on ledger, and its' value is its' inborn Trust

Nice haircut Pete

It's simple, the dollar is a derivative of precious metals, and bitchcoin is a derivative of the dollar. A derivative can not switch place with the thing it derives its value from.

His take was a confusing scramble of facts, assumptions, truths, misinformation, and misunderstandings that derailed the entire conversation from meaningful clarity.

the death of the dollar is greatly exaggerated