The pro-bitcoin son of famous gold bug Peter Schiff, Spencer Schiff, has argued that BTC is “sound money” while claiming his dad’s understanding of money is “flawed.” Peter Schiff, it’s worth noting, is a well-known bitcoin bear.
On Twitter, Peter Schiff and TV personality Max Keiser were debating the use of bitcoin and gold as hedges against inflation and currency debasement. Responding to a tweet where Peter Schiff claimed that Keiser said he opposes bitcoin for being a “fiat addict” and pointing out gold is not fiat currency, his son said his understanding of money is flawed.
Spencer Schiff, who describes himself as a college freshman interested in Austrian economics and anarcho-capitalism, said that what differentiates sound money from fiat currency is “ the former’s emergence on the free market rather than by coercive State edicts,” implying BTC is sound money.
Schiff replied, saying that intrinsic value is “not nonsense,” and that instead what’s nonsense is “believing that something that has no value as a commodity can also function as money, when by definition money is the most marketable commodity.” Gold, he added, is the “best commodity to use as money,” while bitcoin is “not even in the race.”
Keiser reacted to Spencer’s tweet saying the “future belongs to bitcoiners.” The analyst then reshared a tweet from June in which he predicted the price of bitcoin could hit $28,000 before it endured a correction.
Bitcoin, it’s worth noting, is now trading above $28,00 after breaking through the $29,000 mark but enduring a small correction. Per Keiser, the cryptocurrency’s price could hit six figures during the next bull run.
To Schiff, bitcoin’s price rise is a “sucker’s rally.” Gold is notably also trading near its all-time high, as one ounce is currently at $1,898. The precious metal’s all-time high was $2,075, seen earlier this year.
Featured image via Pixabay.
