Schiff is a principle in Goldmoney and is hardly one to be objective about competition from cryptos. The cryptos are a threat to interests like Goldmoney too, because they can always lie about how much gold is actually in the vault. This kind of lying is the entire basis of the original banking system. A goldsmith lending space in his vault, then paying all his bills with gold receipts for gold that is not there. Goldmoney, which I have nothing against and a few hundred grams in (full disclosure), has a value based on what is in a vault, that we can't see. Crypto, which I have a few coins in as well, delivers the value immediately. How can you ever really trust a company like Goldmoney, they can make 100 times as much money by fibbing as by being honest. I trust them more than I trust banks, for now.