Frank Giustra Says BTC Not the Answer to All Problems, Crypto Proponents Exhibit Cult Behavior

A debate took place this week between bitcoin and gold financier Frank Giustra and pro-bitcoin CEO Michael Saylor of Microstrategy. In what viewers are calling an epic debate and historic event, Saylor filled his arguments with facts to convince Giustra to sell his gold and invest in bitcoin. However, Giustra attacked the way Saylor and the cryptocurrency community promote crypto-currency, calling it bigoted behavior.

Bitcoin and gold debate between Michael Saylor and Frank Giustra

A debate between gold financier Frank Giustra and Microstrategy CEO Michael Saylor on bitcoin vs. gold aired Wednesday. The two-hour debate was hosted by Stansberry Research and chaired by Daniela Cambone.

Mr. Giustra is the CEO of the Fiore Group, a private company that manages a large portfolio of investments and private companies. He also founded Lionsgate Entertainment, one of the largest independent film companies in the world. Saylor is the CEO of Microstrategy, which has amassed nearly 100k in cash. BTC.

The discussion focused on six main themes: Comparison of assets, risk factors, historical performance, supply dynamics, ownership structure and market forces. Saylor said before the debate that he was on a mission to convince Frank Giustrato to sell his gold and buy bitcoin.

However, after listening to Mr. Saylor’s detailed arguments about bitcoin’s superiority over gold, Mr. Giustra still doesn’t know if he should sell his gold. He emphasized portfolio diversification and focused his closing remarks on how the CEO of Microstrategy promotes bitcoin.

You can’t keep selling this as a guaranteed lottery ticket and a cure for all the ills of the world, some kind of utopian fantasy you’re selling here. It’s not snake oil and people should stop selling it as such, Giustra says. He called the future described by Saylor, in which the only asset class you can own is bitcoin, pure fantasy: We live in a very competitive and ugly world. I don’t see him achieving the kind of global utopian vision that bitcoin can solve the world’s problems. Gistra gets it:

The idea that bitcoin can be multiplied by 10, consume all the value of gold, and then all the value of bonds….. I don’t understand in what world this can happen.

He criticized the way Saylor talks about bitcoin, saying: I find your kind of advertising misleading and full of exaggeration.

Then he attacked the crypto community for its support of bitcoin. I also don’t like the way social media is used to bully critics….. Tricks and slogans like laser eyes, cyberhorns, and having fun while staying poor. This all sounds like cult-like behavior to me.

He concluded with these words: What I like to do is diversify. Never put all your eggs in one basket. That’s the dumbest investment advice you can give. I suggest that investors diversify their portfolios by opting for real assets….. This includes real estate, gold, art and bitcoin if you will. Buy bitcoins, move on, it will probably go higher. I’ve said that before. But a better strategy might be, if you want to buy bitcoin, to hedge it with gold, because that’s the whole point of gold.

Dr. Saylor addressed the issue of diversification in his closing remarks. Diversification is meaningless if there is only one answer to a technical problem. They never diversify the metal of an airplane wing, or the answer to a math problem, or the shape of a ship’s hull, or the oxygen content of a scuba tank. If there is a pressure drop in the cabin, do not put oxygen masks on 10% of your family members. Money is a contest where everyone wins. The answer is. Choosing the wrong answer can have serious consequences.

Nevertheless, Gistra decided to tell Saylor:

Michael, you’re not doing your followers any favors when you tell them to sell their gold. Selling their gold is the worst thing they can do, as they need it to diversify their portfolio, as it is inversely proportional to what I think bitcoin is and what stocks are.

On Twitter, many in the crypto community congratulated Saylor on his excellent work, while some gold followers praised Giustra. A number of viewers described the debate as epic, historic and not to be missed.

Some proponents of cryptography are not impressed by Giustra’s work. Tweet: Hyster should have prepared by reading about bitcoin. His criticism was unfounded and childish. He has shown a total lack of understanding of the subject. Saylor won that debate by a wide margin. He also continued to insult Michael Saylor instead of arguing. I was very disappointed.

What do you think of this debate? Let us know your comments in the section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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