I think we tend to be a bit too abusive to Schiff, he's an old sound money guy and has sat on gold mountain (much bigger than bitcoin mountain) for a long time, he's not stupid, he's just out of touch. I just listened to it, and I think his argument is premised on gold having value in its use for jewelry and conductors etc. I think he accurately points to a lack of bitcoin native markets, although I think his point that bitcoin isn't a store of value and is instead a speculative asset would need further investigation; true in some serious sense, but missing that gold has had thousands of years to seek a price that can be defined as a store of value, whereas bitcoin is barely getting into adolescence.

It might be reasonable to say the lack of liquidity for bitcoin hurts its store of value argument, if I needed to pay someone under the table to smuggle me out of a hostile country on a boat then gold may be more reliable for the time being. Hopefully time tells us that bitcoin finds the same global ubiquity.