Peter Schiff, well-known analyst and gold investor, expressed his opinion about Bitcoin buyers at the SALT conference this weekend. Schiff began with well-worn criticisms of bitcoin, calling it a “pump and dump scheme” that has “no value to hold.” One thing led to another and he managed to criticize an entire generation:
“A bunch of young inexperienced kids are going to be dumb enough to buy bitcoin. Maybe they will. But as they get older they’re going to learn better.”
When he was told that half of the audience owns Bitcoin, Schiff compared the cryptocurrency to gambling:
“I doubt they have a substantial amount of it. Maybe they bought it like they would go into a casino and buy some chips.”
Bitcoin investor and founder of Digital Currency Group Barry Silbert was on the other side of the debate. Silbert challenged the outdated views of Schiff on gold, arguing that the new generation will keep money in Bitcoin.
“There is a generational shift in investor mindset that is happening. Over the next 25 years $68 trillion of wealth is going to be handed down from boomers to Gen X, Gen Y, and Millennials. And I can assure you that the younger generation of investors don’t view gold the same way as our parents and grandparents did… So as the $68 trillion gets handed down, it is not going to stay in gold.”
A poll of 2,213 conducted on Twitter after the debate confirmed that 91 percent of millennials would buy bitcoin over gold.
Interest in Bitcoin is much stronger in younger age groups. This follows a recent report from Adamant Capital that discussed the millennial demographic as a key factor behind Bitcoin’s growth potential over the next five years.