Bitcoin, Michael Sailor discussed on The Peter Schiff Show Podcast

Automatic TRANSCRIPT

True for thousands of years but it's also been true is that gold has held its purchasing power despite increase in supply. Why is that well. Because the population of the world also increases and so you have more people bidding for that goal so what determines price is a combination of supply and demand. Yes the supply of gold is growing slowly on an annual basis but so too is the demand in fact the demand may be growing even faster than the supply so even though there is a little bit more gold every year the value of that gold goes up because the demand for the gold grows faster than the supply. And if you relate the supply of goal to the supply of other consumer goods that you could buy with gold. The world is constantly coming up with more efficient ways to produce and grow other commodities other consumer goods and so generally this supply of gold. That is money or a commodity is growing more slowly than the supply of other goods and services that are being created and which are being bought with goal so again on a relative basis. That's what counts if the supply of gold is going down relative to the supply of all the goods and services that you could buy with your goal. Your purchasing power is going up not down so that is another. Bold faced lie being told by sailor in order to con people into buying bitcoin by claiming that because of supply of gold grow slowly every year. That you're losing value. Meanwhile supply. Bitcoin is now growing faster than supply gold. Yes even though it's theoretically capped at twenty one million the supply of bitcoin today the growth this year the growth next year based on the new mining exceeds the supply growth goal. Whatever he's saying about gold would apply to bitcoin too because supply of bitcoin at least for now is growing. And i think it's growing for another one hundred years. I forget exactly when you're supposed to hit the twenty one million mark but it's not for at least one hundred years and again as i said in a last podcast. It's not just supply of bitcoin. That's growing its supply of always alternative crypto currencies that. Bitcoin competes with that. Michael sailor wants to completely ignore but again it's not just goal that he was trashing as an investment he trashed everything as an investment. He said stocks are no good. Well i wonder if he includes micro strategies along with akahsi. Saying you can't buy stocks you said. How can you buy a stock because no one has any idea if any company is going to be around one hundred years right so you can't buy a stock to save.

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