Renowned Economist Says Bitcoin Isn’t Digital Gold, Then What Is It?
February 28 2024 - 5:00PM
NEWSBTC
Chief Economist and Bitcoin antagonist, Peter Schiff has made
another controversial statement about BTC, comparing the world’s
largest cryptocurrency to gold, while expressing skepticism about
BTC being lauded as the “digital gold.” Bitcoin Is “Digital
Anti-Gold” In a February 27 post on X (formerly Twitter), Schiff
publicly criticized Bitcoin’s title as the digital gold, asserting
that the cryptocurrency should be seen as a bet against gold
instead of a digital counterpart of the precious metal. While the
renowned economist has stated that “Bitcoin is not digital gold,”
he has also provided his version of a more accurate description of
Bitcoin, characterizing the cryptocurrency as a “digital
anti-gold.” Related Reading: Can Ethereum Touch $4,000? Crypto
Analyst Says ETH Rally Far From Over Earlier in November 2023, ARK
Invest CEO, Cathie Woods declared Bitcoin to be a digital gold,
confidently stating that she would rather wager on Bitcoin than
gold. Similarly, Chief Executive Officer (CEO) of MicroStrategy,
Michael Saylor and CEO of VanEck, Jan van Eck, have confirmed BTC
to be the ultimate store of value. These sentiments and
statements from renowned BTC investors and leading cryptocurrency
supporters clearly contrast Schiff’s perspective on BTC. The global
strategist is well known for his opposing views against BTC and
other cryptocurrencies, often criticizing the value of these
digital assets and informing the broader crypto community of the
risks associated with cryptocurrencies while glorifying gold’s
value. The economist has remained critical of Bitcoin’s
perceived role as a digital store of value, highlighting that
BTC buyers should hope for the sustained control of
inflationary pressures and the ongoing strength of the United
States dollar (USD) against other fiat currencies. Crypto Community
In Opposition The crypto community has swiftly offered their
personal opinions on Schiff’s statement about Bitcoin, opposing the
Bitcoin antagonist’s views and showcasing their relentless support
for the cryptocurrency. Related Reading: Cardano Adoption
Explodes: ADA Price Ready To Reclaim $3.1 All-Time High? One crypto
community member has asserted that Schiff’s Bitcoin remarks lack
theoretical validity, stemming from a fundamental misunderstanding
and fear of BTC’s value and potential. Another member has
highlighted the differences between gold and Bitcoin, describing
the cryptocurrency as a “tech innovation” which has nothing to do
with precious metals like gold. The majority of crypto
members have shown unwavering support for BTC, with some even
stating that Bitcoin could potentially surpass the value of gold in
the future. “Bitcoin is going to consume gold. It’s not a matter of
if, it’s a matter of when,” a community member stated. BTC price
surges despite criticism | Source: BTCUSD on Tradingview.com
Featured image from InfoMoney, chart from Tradingview.com
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