In a recent interview, billionaire Canadian mining magnate, media mogul, and philanthropist Frank Giustra shared his thoughts about the seemingly never-ending gold vs Bitcoin debate, and explained why he likes both.

Giustra is “CEO of the Fiore Group, a private firm managing a broad portfolio of private equity investments and companies, specializing in natural resources, entertainment, art, food and lifestyle.” His entrepreneurial successes includes the founding of Lionsgate Entertainment. As for his philanthropic work, “for over two decades the Giustra Foundation has supported innovative solutions to some of the world’s most pressing humanitarian and economic challenges — focussing on women and children, health and education, homelessness and refugee resettlement.”

Giustra’s comments regarding Bitcoin and gold came during part 2 of his interview with Daniela Cambone, Editor-at-Large and Anchor at Stansberry Research.

Gold vs Bitcoin Debate

I just think that people should stop arguing about this: make your choice, buy one or the other, and shut up. I don’t envy you having to referee between Peter Schiff and Max Keiser… These two are going at each, and it’s getting ugly… I’ve my own opinions about Bitcoin, but that doesn’t that doesn’t make them gospel…

I don’t have a crystal ball. I just have opinions that are based on my understanding of what is happening out there, what’s driving gold, what’s driving Bitcoin. And so, I think, yeah, Bitcoin could go a lot lot higher in the short and near term… Will it replace gold? I don’t think so for a lot of reasons.

Why Gold Is a Better Store of Value Than Bitcoin

Gold has 3,000 years of history as being a trusted store of value. It’s never ever failed in 3,000 years. Btcoin is less than a decade old, and it’s just now being viewed by the investing audience as a store of value, OK? Until it reaches near universal adoption like gold has, … you’re speculating… What you’re doing is speculating that it will reach there. And until it does, you are playing the ‘The Greater Fool’ game… It may but I think it’s a long long way off for a whole host of reasons, but that doesn’t mean that it’s not going to go a lot higher, which I personally think it will…

I think it’s going to do what some of these people are predicting… If I had a choice of where to store my wealth… it’s going to be gold… If I want to make money because I think something’s going higher, I’ll buy Bitcoin… I think we’re years off from it reaching the stage where it can even make the argument that it’s going to compete with gold, and I think there are going to be roadblocks along the way that it’s going to have to overcome.

How Central Banks Will Try to Stop Bitcoin From Achieving Universal Adoption

Central banks own gold. They don’t own Bitcoin, and their gold is a core part of their currency reserves and always will be and if they do anything, they will issue their own digital currency. They’re not going be buying bitcoin because they’re going to try with all their power to undermine Bitcoin.