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in recent weeks gold and bitcoin have become extremely popular topics in the media gold is nearing all-time highs while bitcoin exploded to well over forty thousand dollars a coin this incredible battle between old and new led many to ask the question where is the future of wealth preservation a question that led to an epic debate between two prominent figures in financial media chamath a billionaire investor has been pushing his bullish btc sentiment all over cnbc especially in his last january 4th interview where he stated this all right chamoth we don't have that much time left let's talk rocket ships first bitcoin that falls into that category because that's what that is 39 000.
uh where's it going i mean can you play the clip in 2012 and 13 when it was at 200 and everybody was laughing at me on cnbc every time i would talk about bitcoin um where is it going it's probably going to 100 then 150 than 200 000. in what period i don't know five years 10 years but it's going there and the reason is because every time you see all of this stuff happening it just reminds you that wow our leaders are not as trustworthy and reliable as they used to be this appearance led to a tweet by infamous goldbug peter ship calling out chamath on his rather bullish sentiment on tesla a separate subject altogether but it was chamas response that got the party going with three words he responded like this not exactly what you would expect from a billionaire but this was just the beginning the conversation moved to bitcoin next and this is where things heated up but before we move there we have to understand that this peter ship gold versus chamath bitcoin debate extends back some time peter has been vocal about his investments in gold going back to the early 2010s his primary argument is laid out here in this december 2019 interview for the street take a listen peter let's talk gold now last time we spoke you said that inflation uh could drive gold to five thousand dollars with more money being pumped into the financial system in the form of repos can we expect a monetary base to expand and push inflation up soon well it is expanding i mean that technically is the inflation the fed is doing quantitative easing again qe4 now they don't want to call it 24 but that's exactly what it is i mean there's no difference between what they're doing now and what they were doing when they did call it qe except when they had qe at least there was like an official policy to do it now they're just doing it but they've actually assured the markets that even though it's not qe they're going to keep doing it pretty much indefinitely and so the monetary the defense balance sheet is growing money supply is growing interest rates are artificially low so there is a lot of inflation in fact the fed has now officially come out and and really changed its mandate because the mandate was two percent inflation but now they're saying we need to have higher inflation in two percent because we have to make up for all the years when it was less than two percent which is all a bunch of nonsense as you can tell peter is confident that due to excessive money printing inflation will be on the rise the problem with this is that inflation since 2012 according to the united states federal reserve has remained under 2 and in 2019 it finalized that 1.8 percent in fact the last time the united states had inflation passed 5 was 30 plus years ago in 1990 but for one reason or another in that time period the price of gold per ounce has indeed skyrocketed regardless of this low inflation this chart produced by the federal reserve bank of st louis shows how gold prices exploded going from about 265 an ounce in 2001 to well over 1800 an ounce in january of 2020.
later in the interview shift explains why he believes gold prices haven't really kept up with the giant spikes we've seen in bitcoin price in recent years he claimed at the time that this was because the market wasn't properly pricing the us dollar remember this was december 2019 and he was making this prediction at a time where a dollar was relatively strong take a listen you know you've been a long-term gold a bull here peter so when you say it's going to take off what are you expecting for 2020 let's talk about the first six months well as you said i've been bullish for a long time of course i started recommending gold to my clients when it was under 300 an ounce so you know at around 1 500 we're up about five-fold since those lows so there's no way of knowing i mean it's you know i'm surprised i mean had you asked me 10 years ago where would the price of gold be today i wouldn't have guessed 1500 i would have thought it would have been higher by now so it's always hard to know you know i think the price of gold is going up next year right so i want to own it but i don't know how much it's going to go up but i do believe that once we really start to take off i mean gold could go from 1500 to 2000 very quickly it can go from 2 000 to 3 000 or 4 000 very quickly because i think what a lot of people suddenly realize what they should have known for years and you see the herd all at once scrambling to try to buy some gold because hardly anybody owns it now the price can go up very very rapidly so the key is to own your gold before that stampede so you don't get trampled uh you know as everybody else is bidding it up this actually proved to be right the u.s dollar has since declined the dxy which measures the dollar strength relative to other major world currency has declined from 98 to about 90 and this change was reflected in the price of gold but the change in price is relative since december 16 2019 or the date of the interview the price of bitcoin has changed as well going from about seventy three hundred dollars a coin to thirty five thousand dollars as of the making of this video this is a 476 percent gain if we compare to gold prices which went from 1462 an ounce to 1839 this is about a 20 game bitcoin is winning the battle but will it win the war long term there are many arguments to be made greats like warren buffett have called btc rat poison while others have praised the cryptocurrency as a revolution that will change the finance world altogether shema's primary arguments are laid out in this interview at coin summit just take a listen to what he says about buffett's comments and why he thinks the greatest investor in the world is dead wrong he was addressing warren buffett's a criticism of bitcoin as a mirage and he said something like uh well my handwriting isn't uh isn't clear enough to make out what exactly he said you guys probably know but it was something akin to comparing him to other old white men who don't understand new technology i wonder what you thought of of warren statement and and and you know frankly like can you do any better than mark on that yeah no i mean i think it's the best old white men are the best right we got buffett on one side we got perkins on the other they're both kind of good at something that but they're both kind of crazy in other words okay uh i mean like i think he's probably generally true uh look the reality is you think warren is generally right no i think i think mark's right like okay mark but but as a general statement like the the general statement which is true is that we're we all tend to be dismissive or negative of things we don't fundamentally understand and i think it's reasonable for a guy who's made 50 60 billion dollars by owning things like coca-cola and gillette to not understand bitcoin and forget like the last 13 years of tech as well which he's also completely ignored but he's allowed to do that you know and he's very successful in his own right just like i don't know why i would buy coca-cola or gillette it just makes no sense to me sure but he's so i'm just as crazy as he is has he has a record of being a a pretty savvy uh you know an analyzer of financial instruments i would give him a little more credit than that no no my point is there there are lots of ways to make money and this is actually a really good point so um chamoth makes great points bitcoin does indeed have the potential to revolutionize finance remove barriers stabilize unstable third world economies and remove excess fees but there is an alternative reality and a different side to the coin pun intended while crypto investors are some of the most cult-like personalities on the internet i think it's very positive to look at things from both sides of the issue bitcoin does indeed have problems the most important i think is fear of government intervention or regulation there is nothing stopping a superpower from outlawing its presence in the legitimate economy the us could very easily come out with a government-backed crypto similar to btc as a way to digitize its currency many don't like to hear that but countries like china have already begun on work like this and i'm certain many others will follow if there is one thing the government loves to control is there's populations currency use these risks were outlined in a great interview take a listen to this clip bitcoin in fact rallying over the weekend and the christmas holiday but in this boom market it is now facing a crackdown from regulators seeking to impose rules for crypto wallets and stable coins joining us now is circle ceo jeremy olaire jeremy great to have you with us is there any concern jeremy that a stable coins place in this ecosystem will be displaced especially when you take a look at china which just launched its second pilot program um by the pboc to give you know residents digital yuan effectively if the u.s treasury if the fed decided to enter such a pilot program and conduct that then where does that leave us dollar coin or the role of a stable coin yeah i mean if you look right now the attention you know coming out of the white house with the presidential working group coming out of the g20 g7 who built you know a set of policy recommendations around global stable coins like usdc uh and the proposed you know forthcoming stable coins uh from dm but i think that the the here and then now is that uh private sector actors acting in consortium are our building standards and they're building the rigorous uh governance that's needed the technical infrastructure that's needed the security models the compliance models so there's an enormous amount of work happening in the private sector primarily in the west to build this out as a legitimate market infrastructure and it's growing really really fast there's research that goes on within you know government agencies but i think if you look at the history of electronic money at least in the west is a history of consortiums of private sector actors getting together to build standards and interoperability whether it's swift card networks uh ach networks and now stable points so i think the predominant form of digital currency uh fiat digital currency that we're going to see widely circulating and being used is very likely going to be you know driven by these kinds of arrangements bitcoin versus gold the debate will rage on but unlike most of those in the comments raging against me ship or tremont i will be playing both sides owing both gold miners and bitcoin in a portion of my portfolio that will surely guarantee gains if either rises to the top thank you guys for watching and please make sure you hit that subscribe button if you enjoyed
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