Peter Schiff talks gold, calls Bitcoin 'A Pure Ponzi' scheme

Credits : Yahoo Finance

On this week's episode of Yahoo Finance's The Crypto Mile, our host Brian McGleenon is joined again by renowned gold bug Peter Schiff. Often misunderstood as a critic of blockchain and digital currencies, Schiff took time to clarify his stance. He argued for blockchain technology to be combined with the inherent value of gold to make the precious metal a "better monetary instrument than it was in the past". "We don't have to ignore blockchain technology, we can use it to improve the divisibility and the portability of gold and make it an even better monetary instrument than it was in the past," he added. Schiff argues that gold should be reintroduction as the world's primary monetary reserve, but updated and renewed by blockchain technology. "With the internet, with blockchain, there is a major improvement in the functionality of gold to act as a medium of exchange and as a unit of account," Schiff explained.
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