Eric Schiffer on Bitcoin: ‘I’m a Big Believer in Digital Currency, It Is Absolutely the Future’

PAYNE Meanwhile Bitcoin folks ░░░░░░░░ a pretty good bounce ░░░░░░░░ around 34 000 Remember ░░░░░░░░ a huge hit over ░░░░░░░░ 48 hour period The ░░░░░░░░ media quick to claim ░░░░░░░░ the drop left Bitcoin ░░░░░░░░ shaky I m not ░░░░░░░░ that Joining me now ░░░░░░░░ Organization CEO Eric Schiffer ░░░░░░░░ right Eric why does ░░░░░░░░ financial media always misread ░░░░░░░░ or Bitcoin buyers I ░░░░░░░░ some of these headlines ░░░░░░░░ Bloomberg and others yesterday ░░░░░░░░ m like have they ░░░░░░░░ met a Bitcoin buyer ░░░░░░░░ Hi Charles thanks for ░░░░░░░░ me You know it ░░░░░░░░ interesting the longevity of ░░░░░░░░ in terms of its ░░░░░░░░ we see major disruptions ░░░░░░░░ this and this is ░░░░░░░░ the first time And ░░░░░░░░ think a lot of ░░░░░░░░ investors are used to ░░░░░░░░ type of thing Certainly ░░░░░░░░ s run up significantly ░░░░░░░░ saw this in many ░░░░░░░░ the valuations have gotten ░░░░░░░░ of whack but the ░░░░░░░░ thing is there s ░░░░░░░░ fervent base It s ░░░░░░░░ religious in nature that ░░░░░░░░ this and they re ░░░░░░░░ at sort of the ░░░░░░░░ infrastructure of the internet ░░░░░░░░ technology and owning a ░░░░░░░░ of it in perpetuity ░░░░░░░░ challenge to this for ░░░░░░░░ investors trying to consider ░░░░░░░░ is you really need ░░░░░░░░ understand that there are ░░░░░░░░ risks unlike other types ░░░░░░░░ investments that may have ░░░░░░░░ fundamental set of earnings ░░░░░░░░ et cetera You really ░░░░░░░░ t have that And ░░░░░░░░ s vulnerable For instance ░░░░░░░░ the Biden administration wanted ░░░░░░░░ guesstimate in terms of ░░░░░░░░ further regulations that many ░░░░░░░░ expect overall the Biden ░░░░░░░░ to heavily regulate many ░░░░░░░░ it s vulnerable in ░░░░░░░░ respect it could inaudible ░░░░░░░░ Treasury Department etc What ░░░░░░░░ think is interesting though ░░░░░░░░ interesting about the fact ░░░░░░░░ Bitcoin is down in ░░░░░░░░ ways it protects itself ░░░░░░░░ a Biden administration saying ░░░░░░░░ is out of control ░░░░░░░░ And wanting to regulate ░░░░░░░░ the fact that it ░░░░░░░░ t get too it ░░░░░░░░ not getting overly heated ░░░░░░░░ actually end up preserving ░░░░░░░░ s longevity PAYNE Listen ░░░░░░░░ a 10 year period ░░░░░░░░ on average annualized 200 ░░░░░░░░ a year So you ░░░░░░░░ this pullback notwithstanding it ░░░░░░░░ had one hell of ░░░░░░░░ run but I think ░░░░░░░░ would be crazy for ░░░░░░░░ Biden administration or any ░░░░░░░░ to attack it simply ░░░░░░░░ it s hot in ░░░░░░░░ effort to derail it ░░░░░░░░ criticism has been about ░░░░░░░░ ability to actually use ░░░░░░░░ as a currency There ░░░░░░░░ some big news today ░░░░░░░░ the Intercontinental Exchange digital ░░░░░░░░ marketplace is actually going ░░░░░░░░ go public through a ░░░░░░░░ Of course we know ░░░░░░░░ has been a better ░░░░░░░░ for SPACs and bitcoins ░░░░░░░░ merge those two together ░░░░░░░░ the thing is you ░░░░░░░░ have a digital way ░░░░░░░░ spending this digital currency ░░░░░░░░ and more of these ░░░░░░░░ of options are opening ░░░░░░░░ whether Square Paypal or ░░░░░░░░ particular app As it ░░░░░░░░ more ingrained into society ░░░░░░░░ think Eric it makes ░░░░░░░░ a lot more difficult ░░░░░░░░ governments to take it ░░░░░░░░ SCHIFFER Yeah it s ░░░░░░░░ First of all I ░░░░░░░░ a big believer in ░░░░░░░░ currency It s absolutely ░░░░░░░░ future It s the ░░░░░░░░ to go Millennials Gen ░░░░░░░░ it s the way ░░░░░░░░ want to transact business ░░░░░░░░ problem is distribution So ░░░░░░░░ businesses don t really ░░░░░░░░ it We re now ░░░░░░░░ now Square and others ░░░░░░░░ are beginning to help ░░░░░░░░ process and I think ░░░░░░░░ re right as it ░░░░░░░░ more ubiquitous it become ░░░░░░░░ much harder argument for ░░░░░░░░ to be able to ░░░░░░░░ and that s going ░░░░░░░░ be the challenge I ░░░░░░░░ for the industry to ░░░░░░░░ able to manage government ░░░░░░░░ long arm because this ░░░░░░░░ concept of a doomsday ░░░░░░░░ is defeated if you ░░░░░░░░ going to have big ░░░░░░░░ regulation to be able ░░░░░░░░ shut it down It ░░░░░░░░ going to require the ░░░░░░░░ market to fight back ░░░░░░░░ Although it is a ░░░░░░░░ currency So you can ░░░░░░░░ it around If the ░░░░░░░░ S shuts it down ░░░░░░░░ can bounce around to ░░░░░░░░ places I got just ░░░░░░░░ short period of time ░░░░░░░░ was talking with Kathryn ░░░░░░░░ the federal reserve and ░░░░░░░░ the accommodation We know ░░░░░░░░ ve got another 3 ░░░░░░░░ from the federal government ░░░░░░░░ argument for the dollar ░░░░░░░░ fiat currencies anywhere else ░░░░░░░░ the world their real ░░░░░░░░ purchasing power continues to ░░░░░░░░ every single day Isn ░░░░░░░░ that one of the ░░░░░░░░ reasons to have digital ░░░░░░░░ SCHIFFER Well I think ░░░░░░░░ s certainly an interesting ░░░░░░░░ and for I think ░░░░░░░░ who are concerned about ░░░░░░░░ dollar and it is ░░░░░░░░ way to offset I ░░░░░░░░ that there is an ░░░░░░░░ At the same time ░░░░░░░░ then becomes a target ░░░░░░░░ by governments that may ░░░░░░░░ concerned about that but ░░░░░░░░ think many investors are ░░░░░░░░ at Bitcoin and other ░░░░░░░░ currencies to offset what ░░░░░░░░ this overinflation by the ░░░░░░░░ yes PAYNE Absolutely Eric ░░░░░░░░ got to leave it ░░░░░░░░ Great seeing you SCHIFFER ░░░░░░░░ seeing you.”