John Stossel, a primetime talent on several major network shows, including Good Morning America, 20/20 and Stossel on Fox Business News, says governments won’t be able to stop Bitcoin.
He talks with tech reporter Naomi Brockwell about capital controls, government censorship and Bitcoin resistance. He also goes toe-to-toe with crypto skeptic and gold proponent Peter Schiff.
In a new five-minute report on YouTube called “Bitcoin: Better Money”, Stossel pushes back against Schiff who says that most people aren’t buying things with Bitcoin.
“People are buying things with Bitcoin now. I buy things on Overstock.com. Other people are looking to escape China’s currency controls. It’s useful.”
Schiff, the CEO and chief global strategist of Euro Pacific Capital, says he just doesn’t think Bitcoin is going to work. The better bet: gold.
“Gold has actual value. There’s a huge industry that needs gold: jewelry, then you have it in consumer electronics and aerospace and medicine.”
Stossel dismisses the notion of gold supremacy, calling the beloved asset a pain.
“I bought gold, gold coins, but then I’ve got to store them somewhere, put them in a safe deposit box. They’re a pain in the neck.”
Schiff offers a shoebox defense – the amount of space one would need to store millions of dollars worth of gold. Stossel replies,
“My Bitcoin investment has done a lot better than my gold investment.”