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IPFS News Link • Bitcoin

Pride Goeth Before The Bitcoin Fall

•, by QTR's Fringe Fin

Many people already know some of my controversial takes on bitcoin, not the least of which is the idea that I believe a crypto cataclysm could be coming, and that China could be side-stepping a global economic crisis by bowing out of the crypto world.

You can read those thoughts here: Is China Sidestepping A Crypto Cataclysm No One Else Sees Coming?

So I was very interested when, last week, Kitco posted a debate between Peter Schiff and Alex Mashinsky on the merits of bitcoin versus gold.

Schiff is CEO and chief global strategist of Euro Pacific Capital and a large proponent for buying gold as a safe heaven to preserve wealth.

Mashinsky is the CEO of Celsius, a CeFi lending platform operated by use of blockchain technologies, and a proponent for bitcoin and cryptos as assets.

I want to start this piece off by saying two things.

First, just know I'm going to get a lot of shit from bitcoin bulls about it. If you're one of those bulls already thinking about giving me shit, I encourage you to read some of the points I'm going to make here and not immediately try and throw a wet blanket over this entire article.

Second, I want to make the points that (i) there are some things about bitcoin that I like and (ii) that I have exposure to some crypto related names. I like the idea of bitcoin, I just don't know if it is going to stand up, long-term, in practice. Like many people, for a preservation of wealth and store of value, I am much more comfortable holding gold.

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