Many Will Regret Not Buying Bitcoin Now - Anthony Saramucci

Many Will Regret Not Buying Bitcoin Now - Anthony Saramucci

Debate Bitcoin VS Gold with Anthony Saramucci and Peter Schiff

Anthony Saramucci started by defining money. He quoted Professor Neil Ferguson who said there are three axiomatic facts about money. First, it's a technology that we're using to transfer goods and services among ourselves to avoid bartering. Second, it's a trusted network. Scaramucci added that the dollar notes aren't worth that much because according to Professor Ferguson, the money is always worth less than the goods and services that we're transacting for.

Saramucci said what's important about Bitcoin is that it's a trusted network that you can pass on to somebody. According to Satoshi Nakamoto, Bitcoin inventor, this money throughout history has been corrupted. In the modern era, we've had two big episodic events in 2008 and 2009 and COVID-19 where central banks are manufacturing money, thereby causing instability in our society. For example, in the US, $469 billion was printed in the first five months of the year.

Saramucci buttressed his points that if you have dollar-denominated assets where you've been taxed by the central bank because of inflation, the $10,000 that you've had in your bank account since last year has the purchasing power equivalent of $9,200. But over the blockchain, they can make this transaction by creating a decentralized effect, taking out third parties.

Saramucci maintained that gold had a value of about 6% of its cost of manufacturing. The rest of it is the perception of the store of value. He believes Bitcoin, because of its scarcity, will transcend gold. "Bitcoin is more portable and impregnable in terms of the transaction over the blockchain.

However, Peter admitted that fiat money is a huge problem and intrinsically has no value, contrary to the claims by crypto-enthusiasts. "But Bitcoin is surviving because people have faith in it. Meanwhile, everybody knows the value of fiat money and gold, and they know what they can do about it. Fiat money also gets value from the fact that governments declare it as legal tender. So, there's a natural demand for it. Everybody needs dollars to pay their taxes, and that's where the value comes from,"

Peter adds that the problem with Bitcoin is that its value comes from confidence. You have to believe that other people are going to want it. Otherwise, it lacks value.

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