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Peter Schiff is mistaken when he says Bitcoin is no different to a digital form of fiat currency. Scarcity is certainly an essential component that gives gold its value; the same is true for bitcoin, except bitcoin also has privacy and transaction speed advantages.

The bitnerds are trapped in a world banker bits on a wire scam just like their bits on a wire banking system. Metal in hand wins when it comes to real money. That is why the world bankers hoard gold and invade countries and steal their gold.