Bitcoin, Michael Sailor discussed on The Peter Schiff Show Podcast

Automatic TRANSCRIPT

And this is what sailor said which makes absolutely no sense to me. Which i think again just shows it. He's just shilling for bitcoin. And i know. He's the hero now of the bitcoin humidity because he's ceo. That's making this. Big bat was shareholder money on bitcoin and so far know it's helping his stock price. But you know you live by bitcoin. You die by. Bitcoin and the stock price is going to tank a when bitcoin comes down but i don't think he's being genuine. I think he's being disingenuous because his argument against gold makes no sense. What michael sailor said. The reason that he was not buying gold is that minors are producing more gold. And therefore the supply of gold is not fixed that there's going to be more gold in a year than there is now because the miners were pulling it out of the ground and so therefore he doesn't want to buy it because there's inflation in gold and he wants an asset where the supply can't go up and that's why he's buying bitcoin. But of course the supply. Bitcoin is going up. It just eventually is going to stop going up against the twenty one million but there is inflation and bitcoin right now. There are minors. they are making more bitcoin. In fact i think the supply. Bitcoin today is growing faster than supply goal. But yes i understand that. At some point you reach a cap and then there's gonna be no more at least that's what everybody says. Although who knows what happens when we actually get there if the miners can somehow agree that they're going to make more but let's just assume that that's not going to happen and bitcoin is in fact a cap. The twenty one million. This is the reason that sailor is buying bitcoin. Because there's going to be more gold in the future. And i'm not sure how many years it's going to take before we hit twenty one million i. I really don't know but that's when the supply. Bitcoin stops growing and apparently the supply of gold can always grow. But this argument makes no sense because gold has been mined for thousands of years..

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