The pro-bitcoin son of famous gold bug Peter Schiff, Spencer Schiff, has argued that BTC is \u201csound money\u201d while claiming his dad\u2019s understanding of money is \u201cflawed.\u201d Peter Schiff, it\u2019s worth noting, is a well-known bitcoin bear.<\/p>\n
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 \u201cfiat addict\u201d and pointing out gold is not fiat currency, his son said his understanding of money is flawed.<\/p>\n
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 \u201c the former\u2019s emergence on the free market rather than by coercive State edicts,\u201d implying BTC is sound money.<\/p>\n
Schiff replied, saying that intrinsic value is \u201cnot nonsense,\u201d and that instead what\u2019s nonsense is \u201cbelieving that something that has no value as a commodity can also function as money, when by definition money is the most marketable commodity.\u201d Gold, he added, is the \u201cbest commodity to use as money,\u201d while bitcoin is \u201cnot even in the race.\u201d<\/p>\n
Keiser reacted to Spencer\u2019s tweet saying the \u201cfuture belongs to bitcoiners.\u201d 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.<\/p>\n
Bitcoin, it\u2019s worth noting, is now trading above $28,00 after breaking through the $29,000 mark but enduring a small correction. Per Keiser, the cryptocurrency\u2019s price could hit six figures during the next bull run.<\/p>\n
To Schiff, bitcoin\u2019s price rise is a \u201csucker\u2019s rally.\u201d Gold is notably also trading near its all-time high, as one ounce is currently at $1,898. The precious metal\u2019s all-time high was $2,075, seen earlier this year.<\/p>\n
Featured image via Pixabay.<\/p>\n