The battle between gold financier Frank Giustra and Michael Saylor, CEO of pro-Bitcoin micro-strategy, took place this week. During what the audience called an “epic debate” and “historical” event, Thaler flooded his arguments with facts to persuade Giustla to sell gold and invest in Bitcoin. However, Giustra attacked Saylor and the crypto community how to promote cryptocurrency, calling it a “cult behavior.”
The Bitcoin vs. Gold battle between Michael Saylor and Frank Giustra
The debate between gold financier Frank Giustra and Microstrategy CEO Michael Saylor on the topic of Bitcoin and gold premiered on Wednesday. The two-hour debate was hosted by Stansberry Research and hosted by Daniela Cambone.
Giustra is the CEO of Fiore Group, a private company that manages a wide range of private equity investments and corporate portfolios. He also founded Lionsgate Entertainment, one of the largest independent film companies in the world. Saylor is the CEO of Microstrategy, and the company’s funds have accumulated nearly 100,000 BTC.
The debate covered six main themes: asset comparison, risk factors, historical performance, supply dynamics, ownership structure and market forces. Saylor said before the debate that he “is persuading Frank Giustrato to sell gold and buy bitcoin.”
However, after listening to Thaler’s wide-ranging debate on why Bitcoin is superior to gold, Giustla still does not believe that he should sell his gold. Persisting in portfolio diversification, he focused on attacking Microstrategy CEO’s way of promoting Bitcoin in his closing speech.
“You can’t continue to use this as a guarantee for the sale of winning lottery tickets and a cure for all diseases in the world. You are selling some utopian fantasies here. This is not snake oil, you should stop selling it this way.” Giustra Said. He said that the future described by Saylor is the only asset class, which is “pure fantasy”, he said: “We live in a very competitive and ugly world. I just don’t see that he will realize the kind of Bitcoin that can be solved. A global utopian vision of all issues in this world.” Giustra elaborated:
The idea that Bitcoin can rise 10 times, consume all the value of gold, and then consume all the value of bonds…I just don’t see the world that can happen.
He continued to criticize Saylor’s way of talking about Bitcoin, noting: “I found your promotion method to be misleading and full of hype.”
He then attacked the way the crypto community supports Bitcoin. “I still don’t like the style of social media being used to bully critics…heads and slogans such as laser eyes, web wasps, and the pleasure of staying poor. To me, all these things smell like a kind of Cult, an act of a cult.”
Finally, he said: “What I want to do is to diversify. You will never put eggs in a basket. That is the dumbest investment advice anyone can provide. My advice to investors is to make investments Diversified portfolio, biased towards hard assets… If you want, including real estate, gold, art and Bitcoin. Buy Bitcoin and kick yourself out, I said before, it may be higher. But the best The strategy may be, if you plan to buy Bitcoin, hedge it with gold, because that is the purpose of gold.”
Seiler talked about diversity in his closing remarks. “If you have definite answers to engineering questions, diversification is meaningless. You will never diversify the metals in the wings of an airplane, nor will you solve mathematical problems, the shape of the hull, or the oxygen content in the diving tank. When the cabin is depressurized, you will not put an oxygen mask on 10% of your home. Money is a winner-takes-all competition. There is an answer. Choosing the wrong answer can have dire consequences.”
Nevertheless, in general, Giustla told Seiler:
Michael, you tell your followers to sell their gold, which is a kind of harm to the followers. Selling their own gold is the worst thing they could do because they use it as a portfolio diversifier because it has an inverse relationship with what I think is the price of Bitcoin and what is a stock.
On Twitter, many in the crypto community praised Saylor’s excellent performance, while some gold supporters cheered Giustra. Many viewers referred to this debate as “epic”, “historical” event and “must-see event”.
Giustra’s performance did not impress some cryptocurrency supporters. A tweet said: “Giustla should have been prepared by actually learning Bitcoin. His criticism was unfounded and juvenile. He showed a complete lack of understanding of the subject. Sailer was overwhelming. Sexual superiority won this debate. He has also been insulting Michael Saylor instead of arguing. I am very disappointed.”
What do you think of this debate? Let us know in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. For the use or reliance on any content, goods or services mentioned in this article, or any loss or loss related to it, the company or the author shall not directly or indirectly bear any responsibility.