Peter Schiff

You could be in prison and you don't smoke.

But you know there's somebody that does.

And the fact that there are some smokers in prison, that's why cigarettes have value.

So even if you don't smoke, the fact that there's somebody that smokes.

Now, if there's no smokers at all, then the cigarettes have no value.

They're not going to be money if nobody can smoke them.

There needs to be an actual user.

that preserves the underlying value of the cigarette.

And so the same with gold.

When you own gold, even if you don't use it, somebody else will use it.

Somebody else does need it, whether it's today or 100 years in the future.

Someone's going to use that gold.

So that's what gives it its value.

But with Bitcoin, nobody uses it for anything other than trading, which doesn't count.

Bitcoin can't be a store of value.

People say, oh, Bitcoin's a store of value.

No, there's no value that you can store.

And gold is a store of value because gold doesn't decay.

It doesn't decompose.

So I can make, if I have a bar of gold, that could be melted down in a thousand years and