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welcome back to unfiltered folks the numbers don't lie the cryptocurrency craze is real but is it here to stay could it actually help our economy get back on track joining me for a debate is chief economist at euro pacific peter schiff and entrepreneur patrick david guys thanks a lot for joining me peter i'll go to you first you know do you think cryptocurrency is a possible hedge for people out there who are scared of inflation is it is it the new gold oh it's not even close to the new gold you're right it is a craze and all crazes come to an end you know bitcoin doesn't have any value in and of itself it's not backed up by anything that has any value people buy these digital tokens because they think somebody else will pay a higher price than they did now the people who got in early and who are selling now well they made a lot of money but the people who are buying now or who are not selling they're going to lose a lot of money that's how these pyramids work and that's what this is patrick your thoughts on the subject is this a hedge is it worth it is it craze please i i would tell you gold to me it's selling armageddon so peter schiff is selling end of the world gold's gonna go to five thousand so any gold salesman's always sold end of the world equities they sell innovation things are gonna innovate that's a good time to buy stock it's gonna go up you know facebook's gonna go up amazon's gonna go up that's how stock broker sell i've been a broker for 20 years series 7.
but crypto selling disruption and what annoys people when you talk about cryptocurrency the old ways of doing things somebody that's only sold gold or somebody that's even only sold equities or bankers these big banks they don't like these young guys coming out saying hey we're going to do bitcoin or ethereum or whatever maybe and then the other thing we ought to be thinking about as well as the following the average age of somebody that owns a crypto coin is 38 years old the average age of somebody that owns equities is 47 years old the average age of somebody that owns gold is mid 50s to late 50s anybody that's more afraid of what the future looks like typically he's going to buy something more secure and that's how gold's being sold but unfortunately to peter's argument crypto's here to state well peter i'll allow you to respond your thoughts on what patrick said well first of all uh selling crypto you're selling hype you're selling fantasy a dream and fear all rolled into one and greed uh you know i've been in the investment business for my entire life and i buy for my clients equities and gold we buy gold to be a small part of the portfolio it's an alternative to holding cash it's a better long-term store of value if other things are expensive you can keep your powder dry in gold but bitcoin doesn't fall into any real category it's not an investment in that it doesn't have a yield like stocks or he doesn't pay rent like a like real estate or interest like a bond it's not a commodity like gold you said only older people own gold people own gold in jewelry uh gold is a real thing everybody that owns a cell phone owns some gold because it's inside older people that's used yeah patrick but everybody should respond to peter yeah go ahead go ahead go ahead yeah so bitcoin this is a bar of gold this is a bar of gold i own gold just so you know each kilo of gold is roughly 60 thousand dollars this the year i was born 78.79 was 21 000 this has gone up 2.2 2.3 percent since 1979 the year after i was born that's 2.3 percent last 40 something years the way i would sell gold if i was uh peter my suggestion would be stop directly competing with crypto because it's not a good competition for you're going to lose this is a babe ruth card okay a babe ruth card i bought four years ago for 125 000 this is a 750 000 card today baseball cards collectible cards are crushing gold gold should only compete directly for armageddon end of the world or an insurance policy patrick not without one final response i got about 15.
hold on guys peter one final response from you i got about 15 seconds left go ahead patrick patrick patrick got born at the end of a huge gold bull market where it went from 35 an ounce to 850. so you can't pick that particular point of time as your reference point and say gold is in a good store of value when you measure it again you've been saying 5000 you guys are both great we're gonna have to do round two i'm fascinated by this topic by the way very cool babe ruth card that was fantastic thanks for bringing it guys thanks a lot we'll have you back thanks for your time
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