Michael Sailors, Bitcoin, Michael Sailor discussed on The Peter Schiff Show Podcast

Automatic TRANSCRIPT

Choice while should i buy real estate or should i buy bitcoin. They have nothing in common just because bitcoin is digital property. Doesn't mean it has anything in common with actual property because you certainly can't use it in any way that you can use actual property. The one significant thing that he talked about with bitcoin as opposed to properties that well it doesn't have taxes. Yes if you own real estate you're gonna pay taxes on it no question about it but if you own real estate you can also rented out and you can get rent that exceeds your taxes or you can live in yourself and you can derive that utility you can live in your real estate instead of renting somebody else's and so yes you're gonna pay taxes but you're going to get all the benefit of living in the real estate. Yeah there's no property tax when you own bitcoin but you get no value from owning bitcoin. You don't drive any income out of it. You don't get any utility out of it you just own it now. The craziest thing he said about it though is you said hey. The beauty of bitcoin is that you could take it with you when you die right because you know a lot of people. There's an old expression you can't take it with you. Well as far as michael sailors concern when it comes to bitcoin you can take it with you because you could take to the grave well first of all taking it to the grave and taking it with you are not the same thing because the expression you can't take it with you refers to the afterlife. You're going to go to heaven if you believe in that. Well you can't take any of your wealth with you to have it right. That's the whole idea behind the expression. You can't take it with you so you know. Spend your money while you're alive because if you die with a big fortune that fortune isn't going to help you in heaven maybe is going to help your heirs but it's not gonna benefit you but people have been taking assets to the grave. I mean think about the old egyptian pharaohs barrett in these tombs. They've got all this gold buried down there with them. Not like it does any good in the afterlife. But at least they got it in the grave with them so to say that oh. Bitcoin is great. Because you can be buried with it. Well hell you could be buried with your goal to what differences that make. I mean the fact of the matter is the reason that michael sailor thinks. It's so great that you can die with your. Bitcoin is because when you die with your bitcoin. Your bitcoin is gone right. Assuming that you haven't given anybody the password to your wallet or whatever you die. In the bitcoin dies with you well. What's so great about that. I mean i'd rather have assets that i'm going to leave to my children or to whatever charitable causes. I want to donate them to or to other relatives. Rather just have whatever i've saved..

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