Peter Schiff has long since made it into the golden halls of the Bitcoin opponents. Alongside investor legend Warren Buffett, he remains true to his ideals and wants to continue to educate ambitiously about Bitcoin. “Gold is better than Bitcoin,” is the economist’s leitmotif. As part of a discussion on the BLOCK CHANCE 23 he vehemently represents this opinion and argues why Bitcoin is not a store of value. Did he expect the indignant reaction from the audience? Finally, Peter Schiff is in the lion’s den – a crypto conference.
“My only involvement was to criticize Bitcoin,” he explains matter-of-factly. Schiff then admits to having found a use for Orange Coin: creating bullion images via the Ordinals protocol. After analyzing the current inflation, the panellists conclude: Gold is a hedge against price increases. Bitcoin, which is also said to have a function as a store of value, failed the test against inflation. However, a look at the historical price development shows the opposite.
Bitcoin versus gold: exchange of blows with Peter Schiff
Peter Schiff then describes why institutional investors would rather buy gold than Bitcoin. After a lecture on the precious metal’s connections with soybeans, wheat and oil, he concludes: “Bitcoin has no use in the real world.” A murmur goes through the hall – the crypto enthusiasts present have a different opinion.
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Headwind comes from Olga Feldmeier, the co-founder of the crypto exchange Smart Valor. Bitcoin has a hedging character and is the best performing asset in the last eight years. “These are statistics. We don’t need to discuss that,” she cuts off any objections. She also factually refutes the argument that Bitcoin has no use:
For many people in third world countries, the adoption of bitcoin is key to financial freedom, security and inclusion
Olga Feldmeier
There are enough examples with Nigeria or Lebanon. There, people use cryptocurrencies to protect themselves from the government. As if he hadn’t been listening at all, Peter Schiff emphasizes again that there is no demand for Bitcoin. There are also “thousands of cryptocurrencies that have properties identical to Bitcoin”. A murmur goes through the audience. But Schiff is only at the beginning:
In fact, there are many cryptocurrencies whose properties are better than Bitcoin. Bitcoin is a bit better known and has a bit more infrastructure around it, but there’s nothing really unique about it. […] Nobody buys bitcoin because it is a store of value.
peter ship
Feldmeier tries again and then describes how she bought Bitcoin in 2013 – as a store of value. The discussion sparks. When the bitcoiner declares that she still wants to hold BTC in 50 years, the audience agrees with euphoric cheers.
Then it comes to an exchange of blows: Olga Feldmeier predicts BTC at 150.00 US dollars in the next bull market, Peter Schiff says: “No one needs Bitcoin.” In between, a listener quarrels with Schiff. It’s a real spectacle. In the end there is no agreement – Peter Schiff sticks with gold. And Bitcoiners: At Bitcoin.
Blockchance 23: The who’s who of the crypto industry
At BLOCKCHANCE 23 you will meet the who’s who of the crypto industry. In addition to Peter Schiff and Olga Feldmeier, well-known speakers such as David Chaum and Joseph Lubin will gather. On the other hand, there are also representatives from the traditional financial sector with a crypto focus at the event. For example, Christian Rau, Senior Vice President Fintech and Crypto at Mastercard, provides information about distributed ledger technology (DLT) at the bank.
During the three days, companies can present their latest innovations and blockchain solutions on around 15,000 m². Highlights, immersive experiences and interaction with digital assets are provided via NFT areas, gaming spots and metaverse journeys. BTC-ECHO is live on site at BLOCKCHANCE 23 and reports on the most exciting news.
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