Many people already know some of my controversial takes on bitcoin, not the least of which is the idea that I believe a crypto cataclysm could be coming, and that China could be side-stepping a global economic crisis by bowing out of the crypto world.
You can read those thoughts here: Is China Sidestepping A Crypto Cataclysm No One Else Sees Coming?
So I was very interested when, last week, Kitco posted a debate between Peter Schiff and Alex Mashinsky on the merits of bitcoin versus gold.
Schiff is CEO and chief global strategist of Euro Pacific Capital and a large proponent for buying gold as a safe heaven to preserve wealth.
Mashinsky is the CEO of Celsius, a CeFi lending platform operated by use of blockchain technologies, and a proponent for bitcoin and cryptos as assets.
I want to start this piece off by saying two things.
First, just know I'm going to get a lot of shit from bitcoin bulls about it. If you're one of those bulls already thinking about giving me shit, I encourage you to read some of the points I'm going to make here and not immediately try and throw a wet blanket over this entire article.
Second, I want to make the points that (i) there are some things about bitcoin that I like and (ii) that I have exposure to some crypto related names. I like the idea of bitcoin, I just don't know if it is going to stand up, long-term, in practice. Like many people, for a preservation of wealth and store of value, I am much more comfortable holding gold.