25 Quotes On Bitcoin & Gold

August 06, 2020

“Bitcoin is well-known, though little understood.” – Anderson Cooper

Investors have long had a love/hate relationship with gold. So what happens when “digital gold” enters the picture? I present bitcoin, which is stirring every bit the same passion as the barbarous relic—if not greater. Add in a potential bitcoin ETF and emotions are running high with “gold 2.0.”

Bitcoin has surged this year, up more than 60%. Some say it’s simply a “risk-on” trade right now. Others suggest the massive government and central bank stimulus to combat the economic and market impact of the Coronavirus pandemic will create an inflationary environment, allowing bitcoin to prosper. Yet other pundits suggest economic, political and social turmoil are driving investors to bitcoin as a safe haven. Or, is this just the latest example of “the greater fool” trade?

Whatever the reason, longtime bitcoin holders are feeling validated, new bitcoin owners like Barstool’s Dave Portnoy are making the leap, and bitcoin skeptics remain plentiful and vocal. Nearly 12 years after Satoshi Nakamoto published a white paper introducing the digital asset, bitcoin remains as polarizing as ever. Whether you love it, hate it or simply don’t understand it, I hope you enjoy some of my favorite quotes on bitcoin and bitcoin ETFs.

 

What Is Bitcoin?

“The Internet allows any two individuals to transfer data without permission from any central authority. Bitcoin does the same for value.” – Naval Ravikant

“Bitcoin is amazingly transformative because it’s the first time in the entire history of the world in which anybody can now send or receive any amount of money, with anyone else, anywhere on the planet, without having to ask permission from any bank or government. Nothing like that has ever existed before in the history of the world. The only way to stop this now would be to turn off the Internet and keep it turned off.” – Roger Ver, aka “Bitcoin Jesus”

“At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions … all good things.” – Peter Diamandis

“Bitcoin will do to banks what email did to the postal industry.” – Rick Falkvinge

“Bitcoin is not the money of the current generation. It is the money of generations to come.” – Andreas Antonopoulos

 

Bitcoin’s Value

“Economists and journalists often get caught up in this question: Why does Bitcoin have value? And the answer is very easy. Because it is useful and scarce.” – Erik Voorhees

“We’re going to get to a situation where you need a decentralized, non-censored, non-seizable, non-inflatable, or non-debaseable asset. And when you go looking for it, you’ll find bitcoin. I believe bitcoin’s best ally is just time.” – Anthony Pompliano

“Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. But I am not familiar with the specific product to assert whether it is the best potential setup. And we need a long time to establish confidence.” – Nassim Taleb

“Bitcoin is like anything else. It’s worth what people are willing to pay for it.” – Stanley Druckenmiller

“You have to really stretch your imagination to infer what the intrinsic value of bitcoin is. I haven’t been able to do it. Maybe somebody else can.” – Alan Greenspan

 

Bitcoin Naysayers

“It’s a fraud” and “worse than tulip bulbs.” – Jamie Dimon

“I think it’s rat poison.” – Charlie Munger

“It’s probably rat poison squared.” – Warren Buffett

“It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me.” – Warren Buffett

“Bitcoin is an attempt to replace fiat currency and evade regulation and government intervention. I don’t think that’s going to be a success.” – Ben Bernanke

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” – Donald Trump

 

Bitcoin vs. Gold

“Our basic thesis for bitcoin is that it is better than gold.” – Tyler Winklevoss

“It’s just a digital, decentralized technology for doing gold’s job. It’s just the simpler, faster, cheaper way of doing what gold does.” – Saifedean Ammous

“Gold actually has properties – you can use gold for all sorts of things. People value gold for the metal. Nobody values bitcoin for the bitcoin, they value it because they believe that they can exchange it for something else.” – Peter Schiff

“Bitcoin needs gold to exist. Gold doesn’t need bitcoin to exist.” – Roy Sebag

 

Bitcoin ETF

“A Bitcoin ETF would be a game changer if it happens. It would make it so much easier for financial advisors and retail investors to come into the space.” – Matt Hougan

“A Bitcoin ETF would serve the public interest not only by leveling the playing field between retail and institutional investors, but for a plethora of other reasons.” – Gabor Gurbacs

“Packaging up bitcoin and other coins into products to push them on retail investors goes against what crypto is all about. Mainly decentralization and self-sovereignty.” – Tyrone Ross

“Putting bitcoin in an ETF is like taking the newly invented wheel and carrying it around in a handheld basket – a clear step backwards and nothing but a money grab.” – Tariq Dennison

 

Education

“Financial advisors need to learn about Bitcoin in order to be able to speak intelligently with their clients.” – Josh Brown

 

Follow Nate Geraci on Twitter @nategeraci

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