Peter Schiff

You know, the Romans used salt as money.

That's where the word salary comes from, right?

Because it was salt.

But...

Gold had a lot of properties.

It was very divisible.

It was very portable.

It was very durable.

It was fungible.

It had a lot of these properties that really made it ideal to use as money.

And so what the creator of Bitcoin did is he came up with a digital token that

you know mimicked those properties right bitcoin it's portable it's divisible it's fungible right it it you know it can do all that stuff which is fine but what it doesn't has have is the most important characteristic that you need to be money and that you have to be a valuable commodity you have to have value intrinsic value for on on your own right there has to be a use beyond just a medium of exchange

Because money needs to be a store of value.

It can't just be a medium of exchange or a unit account.

It has to be a store of value.

And so in order to store value, you got to have value, right?

You can't store something that you don't have.

So when you have gold, you're storing the value of a metal that can be used in jewelry and consumer electronics and aerospace and all this stuff.

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

I can't do anything with Bitcoin.