Peter Schiff

But just because the person who paid the higher price, now he loses the money.

I agree that there are investors who buy Bitcoin for the same reason that I buy gold.

But I think they're misguided to do that.

And I think eventually that's going to stop.

See, I'm wearing a gold watch, right?

And so if this watch was not made of gold, Rolex couldn't sell it for anywhere near as much money.

I mean, I guess they could have made it out of steel, right?

You know,

They make watches that are not made out of gold.

You can still have a watch, but it's not going to be as nice.

Gold lends itself because of its properties.

You can swim with a gold watch.

You can take a shower with it.

It's not going to rust.

It's not going to tarnish.

Um, you know, uh, and so this watch is going to look exactly like this, you know, 10 years from now, 20 years from now, I can, you know, my, my son, my grandson can wear this watch and it looked just as nice and say, this is my great grandfather's watch been passed down, right?

It's an heirloom, but what gives gold its value are the properties that it has that are unique to gold.

And there is a lot of demand for gold in industry, not just in jewelry, but there are a lot of industrial applications where gold is used, even though it's very expensive.

it's used because nothing else can do what it does.

Now, in some cases, I mean, wires, you know, wiring is not made out of gold, it's made out of copper.