A Bitcoin [BTC] debate between two extremes: Erik Voorhees versus Peter Schiff

Recently, Soho Forum, a monthly debate series in Soho, Manhattan, carried a debate on “Bitcoin, or a similar form of cryptocurrency will eventually replace governments’ fiat money as the preferred medium of exchange” between Erik Voorhees and Peter Schiff.

Introduction of the debaters:

Erik Voorhees, who was for the statement, is a well-renowned and successful CEO of the instant exchange platform ShapeShift that facilitates Bitcoin and altcoin trading.

Peter Schiff is the Chief Global Strategist and CEO of Euro Pacific Capital Inc., a broker-dealer based out of Puerto Rico.

According to Voorhees, the fiat currency is fated to be subdued by Bitcoin and other blockchain advancements. The only factor that needs to sit in place is the widespread adoption of Bitcoin for it to do so.

Representing the opposition, Schiff implied that the Bitcoin phase is a gold rush for people intending to get rich. Moreover, he said that people are not actively putting the currency to real use. Bitcoin, according to him, is only taken as an asset of speculation, and that making Bitcoin a utility is not easy even if people want to do so.

Schiff believes that Bitcoin is essentially acting as a mere means of exchange rather than actually storing value. This is why, currently, Bitcoin is an unreliable currency. He also added the volatility factor of the crypto coin’s price which makes it even more difficult to utilize in real-life use-cases.

On the other hand, Erik Voorhees does not see volatility has a problem at all. The entrepreneur stated:

“I remember when it was a big deal when bitcoin moved 50 percent. Today, it’s a big deal when it moves 10 percent. I think in a few years it’ll be a big deal when it moves 2-3 percent. While bitcoin is volatile today, I think this problem is self-correcting.”

Though in opposite ends, the two debaters found their views intersecting when Schiff told the crowd that the fiat system, of the present day, is not going to work; but also added that digital currency is not the answer to this problem.

The debate went on and was ultimately concluded with an audience poll where it seemed likely that the crypto-space has boarded a few more followers to its side.

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