Very interesting video and thank you for sharing it @finprep... I found most of the arguments put forward by Erik about Bitcoin to be true except one, which according to him is also its greatest attribute ... and that attribute is the portability of Bitcoin. I feel that this same attribute can bring more harm to Bitcoin than good.
In this Video, he said that it can be sent anywhere in this world at a very low transaction fee and it doesn't need a third party ( Government or Central bank) to validate the transaction. Since we all know that Governments across the world want to have control over everything and Bitcoin transactions are something which they can't control, so I feel it is more likely that Governments will go after Bitcoin in the near future if a common ground is not found. Secondly, what if bitcoins are used by terrorists? Wouldn't it give them a leverage to blow up something at a click of a mobile wallet button?
We have an issue in India where people are not allowed to use Fiat currencies to buy bitcoin nowadays all thanks to the Reserve Bank of India which instructed all the banks to blocked bank accounts of many Bitcoin investors and banned many cryptocurrency exchanges.
Peter Schiff is actually right in his own way and his arguments also made sense when he spoke about the price of anything is about supply and demand. If one day we wake up and find out that Bitcoins have been made illegal, wouldn't the price implode overnight? The truth is, the future of bitcoins ( in many countries) depends upon how the government perceives it and not the supply-demand price forecast.
In my opinion, Fiat currencies and Bitcoin can coexist together just like Gold and Fiat currencies are coexisting today. There are merits and demerits in both but I am sure a way can be found out soon and then only, we can claim Bitcoin to be the true successor of FIAT currency.