Stansberry Research, Released on 4/22/21 (Recorded on 4/21/21)
It’s the showdown that everyone has been waiting for. Gold financier Frank Giustra versus MicroStrategy CEO Michael Saylor in the ultimate gold vs bitcoin battle. Our Daniela Cambone moderates.
Frank Giustra is a Canadian business executive, who has been particularly successful in the mining and filmmaking industries, and is a noted philanthropist. Mr. Giustra started out as an assistant trader and then became a stockbroker at Merrill Lynch in his early career. He later went on to join Yorkton Securities, where he helped launch a new branch geared towards financing resource companies in Europe. He is now an advisor to major gold miner, Endeavour Mining Corporation. In the late 90’s, he founded Lionsgate Entertainment – the company behind The Hunger Games and Michael Moore’s Fahrenheit 9/11. The company had over $2 billion in revenue in 2013, and owns the rights to the hugely successful Twilight movie franchise and The Expendables series, among other big blockbuster titles.
Bitcoin vs Gold: The Great Debate with Michael Saylor and Frank Giustra added by Herman James on
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Michael’s key argument for buying Bitcoin seems to be to buy it because the price has gone up so much. That’s concerning. Buy low, sell high. Buy high, sell higher is of course possible, but as Frank says there is more risk in investing that way.
While the precious metal people have been debating Bitcoin et al, all these blockchain offerings have been going up in value times 6 or times 10 or times 40 . . . while silver and gold have been treading water.
Sure, if you bought gold and silver 20 years ago you are in good shape, but for those of us who bought sliver when it was $40 an ounce and then kept “averaging down”, you can see how well we have done. I am not selling but it is a little difficult to be satisfied lol.
Even lumber has gone up 250% in the last year! We have been fighting city hall and we have been losing.
Gold and silver will not explode higher until the U.S. dollar really starts collapsing. When will that be? Who knows. But history tells us that the global reserve currency changes every 100 years or so. I’m not sure how old you are or if you have any heirs, but it seems guaranteed at the very least gold and silver will continue rise over the coming decades. As for the short-term, that’s anyone’s guess. Nobody can deny cyrptocurrencies have far outperformed every other asset class in the past couple years, but the real question is what will happen to Bitcoin, ethereum, etc. in the LONG TERM.
I watched only about 50 minutes of the debate because I was embarrassed for Frank Giustra. I believe he was out of his depth. The body language and facial expressions of Daniella Cambone spoke volumes to me. Mr. Giustra did not do his homework in my opinion because his understanding of cryptocurrencies and blockchain technology was clearly lacking.
From my vantage point, Michael Saylor was the clear winner. It was not even close. Michael Saylor thinks strategically and conceptually while my impression of Frank Giustra is that of a tactician who gets lost in the detail and uses subtle personal attacks.
Debates are about ideas, what they mean, and why the ideas are believed. Mr. Giustra’s grasp and understanding of the history of gold and money are clearly not as deep and wide as Michael Saylor’s. For example, Mr. Giustra referred to Bitcoin as anarchic. That descriptive term is incorrect and meaningless.
Here are my thoughts:
Bitcoin is an elegant, technological solution to the challenge of transferring wealth to our children, grandchildren, and great-grandchildren while minimizing or eliminating loss of value. That is not an original idea. Rather it is a paraphrase of a quote from Michael Saylor that I found most persuasive in one of his earlier videos that I watched in January 2021.
The world of cryptocurrencies is unique because Bitcoin and other coins give power and voice to an emerging libertarianism movement that will restore our right to privacy and the return of control for our personal intellectual property in whatever form that takes. It is a push back against centralized political and economic power.