Peter Schiff has recently come out in defence of renowned investor Warren Buffet against his critics from the cryptocurrency community. Schiff believes that journalists and entertainers from CNBC were too swift to encircle Buffett's negative views on digital currencies, dubbing them as "Bitcoin shills". Buffett is known for his highly skeptical approach towards cryptocurrencies, believing them to pose no value as they do not produce anything. Surprisingly, he also shares the same sentiment when it comes to gold, an asset Schiff is notorious for being a devotee of.

Schiff found no qualm in agreeing with Buffet's inclination in favour of buying sound businesses over gold as a long-term investment. Although he strongly disagrees with Buffet's mistrust of both gold and digital currencies, he still stands by his opinion by deeming gold as an invaluable form of money rather than an investment. Gold, according to Schiff, provides a safer option for storing currency compared to keeping fiat money in your mattress. Moreover, it can be an effective tool in protecting against an impending financial crisis by acting as a defense against inflation.

With all that being said, it is evident that both Buffet and Schiff have their distinct philosophies in terms of investing. While Buffet is an advocate of being invested in strong business models, Schiff reckons that gold can also offer a solution for prolonged and safe asset preservation. Nevertheless, both agree on one central point that traditional and digital currencies can still challenge the relevance of gold prevalent in monetary operations when it comes to safeguarding one's wealth.



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