On July 31, Morgan Creek’s Co-founder Anthony Pompliano and gold bug and Chief global strategist of Euro Pacific Capital Inc. participated in the much-anticipated debate dubbed, “The Golden Debate” aired on CNBC Africa. During the debate, the two took their time to present compelling arguments about their preferred asset between gold and bitcoin.
After a lengthy debate, Pompliano concluded by telling Schiff that if there’s a slight chance that he was wrong about bitcoin, then he “will be kicking himself forever”, in the hope of convincing him to change his stance on bitcoin.
Bitcoin Versus Gold
You might recall that this is not the first time Pompliano and Peter have debated gold versus bitcoin. Early in July, they held an informal debate on social media where afterward, Pompliano sparked the bitcoin community to send bitcoin donations to Schiff. Presently, Schiff owns 0.21 BTC but is still not convinced about the value of bitcoin, making it crystal clear that he does not intend to buy any bitcoin in the near future.
In yesterday’s debate, Peter explained that he trusts gold because it has had value for a long duration of time, unlike bitcoin which has only lasted a decade. He also cited that bitcoin has morphed to a sort of religion and that investors are driven by greed hoping to rake huge profits from their bitcoin portfolios.
He stated;
“If people are right about what’s going to happen to Bitcoin, all the people who own it are going to be really rich, and that’s a dream people don’t want to let go of.”
In a bid to take a final shot at bitcoin’s value, Peter summarized saying “When you live in a bubble, you can’t see the bubble.”
Disregard A Bitcoin Investment Now, Regret Later
Pompliano, the ever staunch bitcoin proponent, talked about bitcoin gaining traction and massive adoption due to the network effect as opposed to greed like Peter presumed. He gave examples of Uber and Google that have gained popularity due to network effects.
He says;
“Network effects are really hard to unbundle. Once the network starts to grow, you get a lock-in.”
Pomp then responded to Peter’s claims that bitcoin has no value alluding that anyone who listened to Peter and decided not to invest in bitcoin, statistically, they were in for a rude shock. “If Peter and others believe everything you just said with 100% confidence – there is 0% chance that you could be wrong, you could be missing something; 0% chance that bitcoin could be valuable, that it could be a new technology, a new trend (…) it’s a 0% chance that the millions of people currently buying and holding this are wrong: don’t buy it, don’t add it to your portfolio, don’t use it,” Pompliano argued.
Before the debate had drawn to its close, Pomp took the time to warn Schiff that if he did not consider investing in bitcoin, he would come to regret this decision;
“But if there is even a 1% chance that you could be wrong, the odds, given Bitcoin is an asymmetric asset, mean that you will be kicking yourself forever for having known about this, spent all your time doing this, getting berated on the internet and missed the opportunity,” he concluded,
