Peter Schiff

But when you're holding on to Bitcoin, you have nothing, right?

I can't do anything with Bitcoin.

It can't be used for anything because it's just a string of numbers.

So it has no actual use.

Sure, I can give you my Bitcoin.

I can sell you my Bitcoin.

But what can you do with it?

Well, you could give it to somebody else or sell it to somebody else.

But the only reason anybody wants to buy it is because they think the price is going to go up.

That is the sole source of demand is I'm going to get rich.

If I buy this Bitcoin and hodl it and never sell it and ride out the volatility, I'm going to get rich.

Yeah, part of the promise of Bitcoin when I first learned about it was it was anonymous and private and it allowed you to circumvent the AML laws and the KYC laws and you can transact without the government knowing what you were doing.

And that was a positive aspect of it.

Well, yeah, that was the whole appeal to me.

Which is completely lost now that it's all in ETFs and Bitcoin treasury companies and all that.

But even though that was appealing,

because it didn't have any real underlying value, you couldn't really keep a lot of money in it.

It was only really useful, I think, for people who were doing something illegal.

Because there, you know, if you have to launder money because you're doing something illegal...

Even if I end up losing 20 or 30 percent of my money in Bitcoin because I accept Bitcoin and by the time I use it, it's lost 30 percent of its value.