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this week the medeor outlet RT published a new Kaiser report from the Freedom First 2017 conference in Las Vegas with host Max Kaiser during the report Kaiser talks with the economist and longtime gold bug Peter shiff about the decentralized currency Bitcoin shiff says he understands that people want an alternative to the current monetary system but believes and all alternative to Fiat will not be cryptocurrency or what he calls digital Fiat also read bread War's Bitcoin cash tool arrives next week full client coming soon Bitcoin is just a form of digital fat based on faith Peter Schiff Peter Schiff is a well-known Economist precious metals proponent and a person who doesn't like cryptocurrencies at all Max Geer discussed the global economy Trump and the Federal Reserve with shift at the freedom first event held in Las Vegas last month then the two further delve into a conversation about the rise of Bitcoin and shiff gives great detail into why he doesn't favor this technology Shi believes Bitcoin and other cryptocurrencies are merely representations of digital Fiat our monetary system is based on faith because there's nothing real behind dollars or euros and it's just based on the fact that you believe people are going to want it explains Schiff other than that the other thing currencies have is that governments accept it to require it for payment of taxes so if you live in America the IRS wants your taxes and you better send them dollars that's what they accept there and there is a natural demand for dollars to stay out of jail Bitcoin is the same concept it's being created but there is no real value in Bitcoin it's all based on faith if somebody doesn't want your Bitcoin there's nothing you can do with it right people hold Bitcoin is a speculative asset Max Geiser of course Max Geiser a longtime cryptocurrency The Advocate disagrees with shiff and says that a lot of Millennials believe Bitcoin is a form of digital gold kaisa tells shiff as a business person he should be on board with this trend or otherwise hes ignoring an entire Market they wrong Shi tells Kaiser the people that are using it Bitcoin are using it as a speculative asset I talked to a guy today who showed me his cryptocurrency portfolio and he had like $50,000 I asked him have you ever spent any he said no and hes never used it in Commerce H is speculating on it and he owns it as an asset I counters shift's argument with the fact that gold bugs don't spend the precious metals either and they hold it as a speculative asset further kaisa says a lot of these gold bugs pay storage fees just to store gold in a secure location look Bitcoin is never going to be used as money shiff tells Kaiser people can buy it and the price can go up until the price collapses and people don't want it anymore people who are Buy it think that one day Bitcoin is going to be a currency that everyone uses it's going to be worth a million dollars a Bitcoin it's impossible first of all there's already a thousand other cryptocurrencies and how many more can there be Merchants don't accept it they get paid in dollars no Merchants surprising products in Bitcoin Market signals a wrong shift doesn't believe in the market signals Kaiser describes the economist explains that the market was giving signals during the.com bubble and other types of of stocks however Kaa says that even though the do Bubble Burst Google and Amazon still rule the world Amazon is one there are hundreds that went to zero says shiff so how do you know what if somebody comes up with a digital currency a year or two from now that is so much better than Bitcoin it's everything Bitcoin does better faster and cheaper everyone then wants the new one and nobody wants Bitcoin it's worthless nobody wants it anymore because somebody came up with a better mouse trap of course I don't think that's going to happen because I don't think any of them will work if we are ever going to have digital currency they will have to be backed by gold they're not going to be backed by nothing kaisa believes Bitcoin has a lot of similarities with the very precious metals that shiff advocates for on his show and at conferences still shiff to this day will not accept Bitcoin as a form of money and thinks it will never be widely adopted sure there is digital scarcity there is 21 million Bitcoins but if nobody wants them they are worthless shift ads what do you think about Peter schiff's opinion regarding Bitcoin and cryptocurrencies do you agree with shiffer do you agree with Kaiser let us know your thoughts in the comments below images via pixabay RT and Twitter at news bitcoin.com all comments containing links are automatically held up for moderation in the discuss system that means an editor has to take a look look at the comment to approve it this is due to the many repetitive spam and scam links people post under our articles we do not censor any comment content based on politics or personal opinions so please be patient 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