Gold Fixes This | SchiffGold

Bitcoin evangelists love the saying, “Bitcoin Fixes This.” They presents it as the magic bullet that cures everything, from inflation and war to political corruption and even obesity. Whatever the problem, they claim that Bitcoin’s hard cap of 21 million computer coins makes it the solution to all of society’s woes.

You work for it.
They print it out of thin air.#Bitcoin fixes this. pic.twitter.com/kw5ITTt95O

— Documenting Saylor (@saylordocs) August 15, 2025

But gold already exists, has real-world uses, and thousands of years of economic history compared to Bitcoin’s experimental, speculative decade-and-a-half. That experiment has matured itself into oblivion, ending now with the likes of Blackrock buying and mining it into centralization, and “Bitcoin Treasury” ponzi shell companies emerging that offer literally no product or service. 

Not only do very few Bitcoin owners actually practice self-custody, trusting the same third parties that their hero Satoshi warned against — but cynical Wall Street sharks are now swirling the tank and harvesting not just all the bitcoin, but all the fiat from suckers who buy in. 

Bitconers insist that to fix your financial economic problems, you need to buy “the real thing” — not crypto copycats like “Bitcoin Cash” and endless others. But “the real thing” already exists, and is as old as time itself. While fools funnel money into trendy “digital gold”, wise and patient observers of monetary history are still stacking real assets.

Bitcoin is not living up to its hype. Priced in gold, Bitcoin is now 20% below its record high set in August. In other words, Bitcoin is in a bear market. Since Bitcoin is promoted as being digital gold, being down 20% in gold is more significant than being down 10% in dollars.

— Peter Schiff (@PeterSchiff) September 23, 2025

Meanwhile, in every historical scenario where fiat money helped fuel catastrophe, gold either prevented it, or could have if it weren’t for sidelining by governments and central banks that yearned for the money printer. Bitcoiners claim that BTC “proves” Austrian economic theory, but gold already has. They’re looking for a 21st-century solution to an ancient problem, all while ignoring what has already actually worked in the real world.

Under a gold standard, governments can’t print to pay for war. That’s why countries abandoned gold when WWI broke out. Without a gold backing, they were free to print at will. Gold demanded discipline, and fiat gave them a blank check. In the US, gold convertibility remained, but with an embargo on exports. This was suspending the gold standard by another name, keeping the dollar’s peg while preventing gold outflows from constraining borrowing.

Bitcoiners say, “With Bitcoin, governments couldn’t have waged war at all.” But first of all, what would have stopped them from simply abandoning the Bitcoin standard, like they did with gold, to re-embrace fiat? That doesn’t even mention that Bitcoin also wouldn’t have worked as a reserve asset in the trenches of 1914. No electricity, no internet, no way to verify a blockchain, no Bluetooth. Gold is universal, tangible, and accepted everywhere even (or perhaps especially) during a crisis.

Countries printed like mad to fund the war. By the end, they weren’t just buried in debt. They had shattered their currencies. Germany, Austria-Hungary, Russia, and Britain all suspended gold convertibility and unleashed inflation. If the gold standard had stayed in place, WWI might’ve ended sooner, or never scaled as massively as it did. War becomes politically and economically harder when citizens know it means higher taxes, not the hidden tax of inflation.

Today, as war shifts to new battlegrounds in space, the specious claim that “Bitcoin can be transferred via satellite” just isn’t exactly compelling. Satellites can be targeted and destroyed, and besides, how many people on planet Earth are equipped to transfer Bitcoin that way? Who understands the process and possesses the equipment? Even among Bitcoiners who control their own private keys or run nodes, participating directly in the network instead of relying on unstable crypto exchanges, there are few who would be able to take advantage of this satellite transfer ability. It’s absurd to think that in a world where gold exists, Bitcoin would remain or become dominant in a scenario where major infrastructure was under serious threat.

Either way, gold made war harder to wage. And in a modern conflict where data centers become military targets, using Bitcoin could very quickly become impossible for the overwhelming majority, regardless of whether or not it has been made into some kind of global reserve currency. That wouldn’t be the case for gold.

As Peter Schiff recently said on VRIC Media:

“Bitcoin is basically like owning nothing, because that’s all you got when you own Bitcoin, is nothing…the big Bitcoin money was made years ago. The smart money has been cashing out…it’s the suckers, the dumb money, that’s been buying into Bitcoin…the real money…is moving into gold, and it’s moving into gold stocks.”

Central banks can always be relied on to print too much money. Weimar Germany. Zimbabwe. Venezuela. When fiat breaks and the floodgates of hyperinflation open wide, the people turn to hard assets. Bitcoiners love to promote Internet money as the perfect escape hatch from central bank money printing and its consequences, but gold will always be the ultimate hedge. With a massive gold purchase, even “Bitcoin Country” El Salvador appears to understand this. 

Bitcoin has never gone through a hyperinflationary collapse of a major economy and emerged as the dominant medium of exchange. Gold has, repeatedly, for thousands of years. When the mark died in Germany, gold was still accepted. Jewelry, coins, even teeth were traded. In systems failure, gold works without infrastructure. Bitcoin, for all its strengths, relies on a functioning digital ecosystem and accessibility to computer equipment. 

Between 1921 and 1923, as the German mark rapidly collapsed, people needed wheelbarrows of cash just to buy bread. More recently, people in Venezuela were using worthless paper bolívars to insulate their homes, as toilet paper, and as tinder to keep fires going. What makes Bitcoiners think that in that kind of scenario, they’d be able to afford and have reliable access to electricity or computers or new Bitcoin wallets?

When the lights go out, gold still buys bread, and always will.

Bitcoiners also claim that BTC fixes the welfare state because it’s “hard money.” There’s no such thing as hard money you can’t hold in your hand, and the statement assumes mass adoption and voluntary restraint by governments. That’s ironic, given that most Bitcoiners appear not to trust the government or politicians.

Gold forced restraint because it backed the actual currency with something real, and changing that requires a political process. Bitcoiners claim that their solution is better because gold holdings can be faked, and Bitcoin transactions and amounts are digitally recorded on an immutable ledger, making it impossible to fake or rehypothecate. Yet, in the very next breath, they bemoan “market manipulation” and accuse exchanges of holding paper Bitcoin IOUs representing tokens they don’t really have, as was the case with collapsed crypto exchange FTX, completely shattering the alleged “supply cap.”

Every spendable Bitcoin is in someone’s self custody.

EVERY SINGLE ONE, without exception.

Every other “bitcoin’ is an IOU, and has no strict supply cap. https://t.co/FsZeL6yfvp

— Parman 🔑 Paranoid Bitcoin Mentor & NeverSeller™ (@parman_the) August 17, 2025

Paper Bitcoin IOUs bloat the market with fakery, making it a much better vehicle for gambling and ponzi schemes than gold could ever be, even on its worst day. Does that sound like a solid anchor on government overreach and fiscal irresponsibility?

Gold also puts limits on central banks. They can’t endlessly manipulate interest rates or monetize debt under a true gold standard. The gold peg is a leash, and when they broke it, like they did in 1971, inflation exploded. Even central banks know that they’re devaluing their currencies, too, which is why they buy and hold gold, not Bitcoin, in massive quantities.

Bitcoin doesn’t constrain the Fed. Bitcoiners criticize it and fantasize about Bitcoin “replacing central banking,” all while salivating over Fed interest rate cuts so that the value of their Bitcoin bags will go up. Only gold has historically forced monetary authorities to shut up and settle in specie.

Global debt-to-GDP is above 300%. That’s a fiat phenomenon, because governments no longer need to settle in something scarce. Gold stopped this in the past and forced nations to think long-term. If you couldn’t back your debt with gold, you were a credit risk. Bitcoin, digital and speculative, hasn’t played this role. It’s a solution looking for a problem: gold was already the foundation for centuries of trust in sovereign debt markets, and will continue to dominate.

History is full of blood, politics, power, and pain. And during the fall of empires, the rise of tyrannies, and the printing orgies of central banks, gold stood in the way, kept pace with inflation, and held its value through every conflict and collapse. Gold wouldn’t have solved everything, but it has already proven the Austrians right, and has already shined in all the places where Bitcoin would have fallen flat. 

Aside from “Bitcoin fixes this,” another favorite Bitcoiner adage is “Fix the money, fix the world.” The positivity is admirable, but it comes drenched in quixotic naïveté. Gold already fixed the money, but only a (greater) fool would think that “fixing the world” is a goal that would come so easily in the historical blink of a few decades.  

Next time you hear that “Bitcoin fixes this,” just remember: Gold already did.

Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!