Peter Schiff

Now they own the gold.

Now they don't have to come and get it.

They can just leave it there and just transact the token.

I mean, that's what people did.

If you go back to the days of a blacksmith with your gold, you would have gold and you left it with a blacksmith and he gave you an IOU.

And if the people in the town knew the local blacksmith and they recognized his IOU, you could spend it.

People would take it because they didn't have to go get the gold.

They knew the gold was there.

The problem would be, of course, if the blacksmith absconded with the gold.

But in capitalism – and I have this argument all the time with these Bitcoiners because they think that what I'm doing with tokenized gold, they think, well, you have to trust the third party.

So I want to own Bitcoin because I don't have to trust the third party.

Well, of course, if you put your Bitcoin on an exchange, if you own it through an ETF, of course, you're trusting a third party.

But –

I have no problem with trusting third parties in capitalism because a business that has a reputation and has a brand wants to maintain the value of that brand.

I mean, the insurance industry is a perfect example of that.

Trust.

When you buy an insurance policy, you're relying on a third party, the insurance company, to pay your claim.

Right.

You know, if you have fire insurance, you're trusting that if your house burns down, the insurance company is going to pay you.

Now, people in Bitcoin say, well, when I have Bitcoin, I don't have to trust anybody.