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it is time for a showdown that could very well rival Lincoln versus Douglas fast money is proud to present our own Brian Kelly versus Peter Schiff of Eur Pacific Capital the question at hand what is a better bet going forward gold or Bitcoin BK you first yeah well for me obviously it's Bitcoin and I'll tell you why because Bitcoin is not just digital gold I think that's what a lot of people get wrong right here it's a technology platform that fintech is being built on top of it is a once in a generation invest an opportunity similar to the internet growing just as fast if not faster it's the internet of money and I'm not the only one on this everybody's involved Federal Reserve just released a paper on it and has a working group Bank of England is involved in it 14 of the top 30 banks have active projects going on JP Morgan Goldman Sachs CME NYSC New York Stock Exchange are all involved in projects as we speak building on top of this technology so let's just say I you know let's just say let's try to put a value on bitcoin and let's say all those things don't happen right even though there's so many so much people working on it they're building on top of the platform giving it useful let's say it is digital gold and for some reason it just happens to get 1% of the market share that gold gets Bitcoin would be $4500 trading at $1,200 right now if it got 5% of the market share it would be at $22,000 that to me is a winning investment Peters ship you're up well you know it's not digital gold I agree it's digital Fool's Gold you know today's uh Bitcoins could be tomorrow's Beanie Babies the whole principle behind bitco Bitcoin was to replicate the properties that that made gold uniquely suited to be money and act as an alternative to to Fiat currencies but it's not really viable as as money I mean it is a potential medium of exchange but it's not a store of value meanwhile nobody really uses it as a medium of exchange it's just a speculative asset people own it because they think it's going to be more valuable in the future but it has no intrinsic value in of itself 150,000 Merchants worldwide except Bitcoin including expedient 300,000 300,000 transactions a day no merchants accept Bitcoin they work with a company called bit pay they accept dollars what happens is there are no Merchants that price their merchandise in Bitcoin it's impossible so they're it's G they PR it in Bitcoin it's their choice they want to convert it back to Fiat dollars it's being used in TR Finance between Brazil and China actually using it you're missing the whole story here missing it they're use people are using it to circumvent currency laws to transfer money out of China they are not really using it in Commerce no Merchants are PR you find me a merchant that is pricing their merchandise in a Bitcoin I will like this is one Bitcoin this is a half a Bitcoin pricing dollar using it in the supply chain it's very useful it's it the the price the the volatility is too great on a daily basis to really price it a good portion of this year was less volatile than gold and out performed it's it is not less volatile but look gold gold gold gold had a long history of intrinsic value before it was money people desired it for its properties and it was very scarce so it had a lot of value because its unique properties were hard to come by nobody knew what Bitcoin was 5 or 10 years ago it didn't exist it has no value other than the fact that maybe you can use it to exchange for somebody else but if they don't want it it has no value it has the exact it has the exact same value as gold has the exact same value as World it usefulness it's utility that's what everything is backed by it's just a rock it's just a Shiny Rock it has some special qualities but it's just a Shiny Rock look no look look you're you're a member of a cult that's why you have to keep screaming at me you there's nothing that you can do with with your Bitcoin does that mean it's it's not going to go up to 2,000 or 3,000 and it's going to my Bitcoin I can I can do TR Bitcoin what are you talking about unfortunately we are there is no limit there is no limit to the to there is no limit to the number of digital currencies that can be created there are hundreds of others just because Bitcoin is the most popular now look why doesn't everybody use MySpace you know because somebody came up with Facebook I mean you have no idea and meanwhile there's a company out there called gold money which actually uses gold you say the same thing about the internet and you would have missed out we got to end this here we're going to we're we're going to find the moment of truth out right now you all heard the arguments so let's go around the horn here and see who the Traders think won this debate uh Bitcoin or gold Tim what do you say I'm going to say gold just because I first of all I think we've got apples and oranges not because I don't agree with what BK is saying about what's going on with with cryptocurrency so um I do think it's an interesting time to own gold don't bet the Farm on gold don't get overly emotional about gold and don't have too much gold in your portfolio Karen yep I'm going to go with BK and Bitcoin because I believe you get two things you get the sort of the gold kind of argument and then as well you get the whole financial the fintech element of it and I I don't buy Peter's argument that it's not usable it's a very few gold transactions have actually happen in physical gold transactions yet it is freely traded but you can do that you can do it now with gold money that's you can do it with anyway there's coming I want to rec the vote I'm going with B somebody is hacking the voting I wrote If BK is right about Bitcoin dot dot dot then I have to be with Tim you you got to go with gold because I think if BK is correct I think actually in the shortterm gold will outperform and if memory serves not that I was there but I think there were a series of seven debates between then uh whatever Lincoln and Mr Douglas so this was the first of seven over a few months I look forward to number two all right so it looks like uh two to one for Peter schift and gold gentlemen thank you for your time Peter our thanks to you Peter shiff your Pacific Capital
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