Peter Schiff says bitcoin has no intrinsic value

Economic Collapse News reported Monday about Federal Reserve Chair Ben Bernanke’s take on virtual currencies, such as bitcoins. Now, Peter Schiff, president of Euro Pacific Capital, brings his views on bitcoin in this new 12-minute video titled “Bitcoin vs. Gold.”

In the video, Schiff highlights the benefits of bitcoins and how it has some similarities to the yellow metal. However, he noted that bitcoins lack one crucial thing that gold has: intrinsic value.

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  1. What is that intrinsic value? Shininess?

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