Four "Heavyweights" in Finance Debate: Bitcoin VS Gold - Which One Will The Future Favor?

In what was billed as the "biggest bitcoin vs gold debate in history," and moderated by Ran of Crypto Banter, the event featured four financial heavyweights squaring off to argue the merits and flaws of bitcoin and gold as potential future stores of value and mediums of exchange. 

In one corner were the bitcoin backers - Eric Voorhees, an early bitcoin adopter and founder of ShapeShift, and Anthony Scaramucci, founder of SkyBridge Capital and former White House spokesman. They championed bitcoin as a revolutionary, decentralized digital currency outside government control.

"Bitcoin is radical, it's rebellious, it's non-compliant, it's American," Scaramucci proclaimed. Voorhees added "Anything that moves the world away from centralized control of money to market-based control of money is something I would be in favor of."

In the other corner were gold advocates Peter Schiff, CEO of Euro Pacific Asset Management who famously predicted the 2008 housing crash, and economist Nouriel Roubini. They argued bitcoin has no intrinsic value and is essentially "digital fools gold."

"Bitcoin can't do anything that gold can do...You can't have digital gold, you can't make jewelry out of it," Schiff stated. Roubini bluntly called bitcoin "a damned speculative asset - that's it."

Schiff and Roubini repeated the same anti-crypto talking points they've been saying for the last 10 years... unfortunately, in 7 out of those 10 years Bitcoin outperformed all other investments.

How can anyone with a track record that includes 7 years of advising investors to avoid the most profitable investment still be taken seriously?

The intense 2+ hour debate covered a wide range of topics around modern monetary theory, inflation, the economic outlook, role of governments, and the fundamental value propositions of bitcoin vs gold.

Voorhees and Scaramucci made the case that bitcoin's fixed supply of 21 million coins and properties like pseudo-anonymity give it immense value as "a non-debasable monetary commodity." As Scaramucci said, "We took [the working class] from aspirational to desperation in 35 years" due to currency inflation.

However, Schiff and Roubini countered that bitcoin fails all the tests of being a true currency. "It's not a unit of account, not a scalable means of payment, and not a stable store of value...it can never be money," Roubini argued.

While no minds seemed changed by the intense back-and-forth, it encapsulated the broader ideological battle between bitcoin's freedom philosophy and gold's traditional role. 

With bitcoin's market cap over $1.2 trillion, this debate is no longer hypothetical. Its outcome will shape monetary systems, investing, privacy and decentralization for years ahead.

I tried my best to summarize the debate that ran slight over 2 hours long, but if you want to see every minute for yourself, you can view an archive of the live stream on Crypto Banter's Youtube Channel. 

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

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Bitcoin Lags Gold As Wall Street Doubts Persist, Claims Expert

Last week was defined by simultaneous declines in US equities, Treasurys, and the dollaran exceptionally rare trifecta that macro investor Jordi Visser described as the moment the system officially brokeBitcoins price action has remained conspicuously muted. Despite gold rallying over 4% in just a few days, Bitcoin has failed to respond with comparable strength, a divergence that Visser attributes to deep-rooted skepticism from institutional finance. Visser, president and CIO of Weiss Multi-Strategy Advisers and a veteran of over three decades on Wall Street, sat down for an in-depth interview with Anthony Pompliano to unpack what he called a historic rupture in the global capital structure. Central to his thesis is that US government bondslong considered the most risk-free asset in the worldare no longer behaving as such. The top of the global capital structure, the safest asset in the world, is falling, Visser said, referring to US Treasurys underperforming even against other sovereign debt. Related Reading: Bitcoins Last Drawdown To $74,000 A Healthy Correction Analyst Says Month-to-date, he noted, US bonds are down over 5%, equities have also dropped more than 5%, and the US dollar index is off by a similar magnitude. “The currency, bonds, and stocks all going down in a panic waythat doesn’t happen. The last time I saw that was in emerging markets, Visser said, drawing parallels to financial crises he observed firsthand in Brazil during the 1990s. What This Means For Bitcoin The implications for Bitcoin in this environment are complex. While many in the crypto community expected BTC to surge amid macro instability, Visser says Wall Street still views Bitcoin through an equity-like lens. Wall Street doesnt believe in Bitcoin, he said bluntly. The problem is the view on Bitcoin is that it’s NASDAQ. So I don’t think it should be skyrocketing like gold yet. That happens when we get the printing press turned on againwhich is going to have to happen. According to Visser, Bitcoins underperformance relative to gold is not a repudiation of its long-term thesis but rather a reflection of who holds what, and when theyre allowed to act. Golds a different story. Sovereign wealth funds already own it. Central banks already own it. Hedge funds love to buy gold. Bitcoin? Not yet. He emphasized that Bitcoins moment will likely come not amid the crisis itself, but in its aftermath, when monetary authorities begin resorting to aggressive stimuluswhat he termed debasement, historically the go-to solution in past crises. Visser was adamant that despite Bitcoins price inertia, it is in fact doing its job: Bitcoin is the digital asset of the digital economy. In his view, the current turmoil marks the transition from a unipolar, dollar-centric world to a fragmented, multipolar one. “We’re entering a new world, and this new system is decentralized, he said. That transition, accelerated by both geopolitical fragmentation and advances in AI, is unlikely to be smooth. Visser predicts increased volatility and declining trust in legacy financial infrastructure, which could serve as long-term tailwinds for Bitcoin. His analysis ties Bitcoins trajectory closely to global liquidity cycles, noting that much of the worlds debt is denominated in US dollars. As such, a falling dollar paradoxically boosts liquidity globally, particularly for emerging markets and risk assets. Bitcoin will be four to eight weeksfour to 10 weekslater, he said, referring to its lagging correlation with liquidity expansions. Youll look back eight weeks from now and say, I cant believe I didnt see they were going to print to stop this thing. They do it every single time. Related Reading: Bitcoin Long-Term Holders Are Buying Again Can They Push BTC Price Higher? Still, he was clear-eyed about the near-term structural headwinds. Institutional allocators, especially hedge funds, face two major constraints: investor redemptions and prime broker margin requirements. Wall Street has an embedded side that prevents them from going through it, Visser explained. Retail just buys more on the dip. Wall Street cant. Even in the face of institutional hesitancy, Visser underscored that the global conversation around trade, capital flows, and currency trust is now permanently altered. Does the US want to be the reserve currency anymore? he asked. From a government official perspective in trade, its no longer the reserve currency. The trade deficit has been put in by the administration. The consequence, he warned, is that the US is now effectively exporting fiscal deficits to other nations as global trade recedes. In such a worldwhere nationalism replaces globalism and bilateral trust continues to erodeVisser believes decentralized systems will inevitably grow more relevant. I do think the agreement will end up being that decentralization will speed up from here because of AI and because of crypto, he said. But he cautioned that while the architecture is being laid, mainstream acceptance remains gated by perception, policy, and institutional adoption cycles. In sum, Visser sees Bitcoin not as a failed safe haven, but as an emergent asset still waiting for its structural breakout moment. Until Wall Street stops viewing Bitcoin as a risk-on tech proxyand until central banks inevitably revert to monetary stimulusBTC will remain in the shadows of gold. But he was unequivocal in where he believes its headed. We are getting closer to that day every single day, he said, referring to the moment when Bitcoins role in the global capital system finally clicks into place. As Visser sees it, the system may be brokenbut thats precisely how something new gets built. At press time, BTC traded at $84,689. Featured image from YouTube, char from TradingView.com

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Bloomberg Strategist Sees Bitcoin as Global Alternative Currency Warns Stock Market Drawdown Could Impact BTC

Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, says bitcoin is “becoming an alternative currency on a global basis,” noting that “The world’s going towards intangible assets and bitcoin is the most significant in cryptos.” However, the strategist warned that as bitcoin’s price approaches $70,000, a key test for the cryptocurrency may come “when the U.S. [...]

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Bitcoin Supercycle May Be Happening, Says Commodity Strategist Mike McGlone

Bloomberg Intelligence senior commodity strategist Mike McGlone has explained that a supercycle may be happening in bitcoin, noting that the cryptocurrency is beating gold by almost 10 times so far this year. The strategist added that if past trends hold, bitcoin’s volatility is more likely to recover compared to commodities when the crypto “heads toward [...]

The post Bitcoin Supercycle May Be Happening, Says Commodity Strategist Mike McGlone appeared first on Crypto Breaking News.

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Bitcoin Discount? Peter Brandt On Why You Shouldn’t Buy The Dip

Bitcoin has been dropping consistently for the past week and the crypto market has lost over $500 billion following this dip. Like with any crash, there have been the expected calls of ‘buy the dip’ from investors who believe that the dips are only temporary and that the digital asset will soon recover all of its lost value. While this advice is sometimes sound, there is no doubt that there are some drawbacks with it, which could range from adding to a losing position that ends up losing more, to sinking more money in projects that may already be doomed to fail. Veteran trader Peter Brandt has addressed these calls of ‘buy the dip’, explaining why investors should not follow it. Related Reading | Melania Trump Congratulates Bitcoin On 13th Anniversary Of Bitcoin Genesis Block You Could Lose More Money Famed trader Peter Brandt responded to a tweet from CEO of Vailshire Capital, Jeff Ross, saying that the price dips that are being experienced by bitcoin presented an opportunity for long-term traders to increase their holdings. Brandt’s tweet was vehemently against this school of thought, proposing instead “a sacred trading rule” for investors during times like these. The veteran trader compared the current movement of bitcoin to the Silver $SI_F of 1980, which had grown to its $50 top after a massive run. It had subsequently sunk to $3.65, leading people to purchase it in the hopes of catching the dip, but the asset ended staying low for more than two decades. https://twitter.com/PeterLBrandt/status/1479433011439362048?s=20 Basically, the investor urged investors to not rush to purchase bitcoin because it is low and they think it will not go lower. BTC continues downward trend | Source: BTCUSD on TradingView.com Comparing Gold And Bitcoin In a subsequent tweet, Brandt did a similar comparison to the price of bitcoin. This time around, he focused his attention on gold, calling out the fact that just like silver in the 1980s, gold experienced a similar trend. He explained that gold had first hit its all-time high of $873 in 1980, followed by a drop in price to $255. The asset which had been the inflation hedge of choice for many decades had remained in this territory for almost three decades following this and would only beat this previous all-time high 27 years later. Related Reading | TA: Bitcoin Key Indicators Suggest A Strengthening Case For More Downsides Brandt admonished the author of the previous tweet by asking, “Is this your definition of a ‘long-term’ investor?” Naturally, Brandt’s comment regarding bitcoin had drawn the ire of bitcoin maximalists who flocked to explain to the older trader why the digital asset would not follow the footsteps of gold and silver. One user tweeted that “Difference is btc is technology, not a rock”, while another pointed out that bitcoin had more utility, saying, “Gold has been a disastrous investment. Not much utility in it. Hard to carry your gold with you in the event of political system or economic collapse. Hence #Bitcoin.” Featured image from Blogtienao, chart from TradingView.com

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Economist Peter Schiff Calls Bitcoin An ‘Imaginary Friend’ In Response To Jack Dorsey’s Hyperinflation Tweet

Peter Schiff is an economist, gold advocate, and one of Bitcoin’s biggest critics. He has never liked the digital currency. He believes that real value is derived from an asset’s ability to create commercial demand in markets; and always refers to gold as a perfect example of this. In contrast, he says that Bitcoin is nothing but an asymmetric store of value with no other use except attracting an endless supply of buyers for the limited supply of assets. In short, it is a Ponzi scheme. However, he has been proven wrong over and over again. In his most recent critique of Bitcoin, Schiff said it is not a real asset. This was in response to a tweet by Twitter CEO Jack Dorsey about the possible arrival of hyperinflation in the U.S. soon. Schiff Responds To Dorsey On Saturday, October 23, Jack Dorsey shared his opinion on the current economic situation in the U.S on Twitter. He tweeted about the imminent hyperinflation as a result of the constant money printing in the U.S., and how the rest of the world would suffer from it. Related Reading | Is Hyperinflation Inevitable? Jack Dorsey Says It’ll “Change Everything” In response, Schiff tweeted that people should not look to Bitcoin to save them because it is not a real asset. Instead, they should own real assets like gold. Another Twitter user commented that Bitcoin is, in fact, real. And that it has just surpassed the Swiss Franc in Market cap. At this point, Schiff replied, calling the cryptocurrency a “make-believe asset” and that it is the adult version of an imaginary friend. Peter Schiff’s Grudge with Bitcoin According to this Wikipedia profile, Peter Schiff is an American stockbroker, financial commentator, and radio personality. He is also CEO and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut. Additionally, he is involved in various roles in other financial services companies, including Euro Pacific Asset Management, an independent investment advisor, Schiff Gold (formerly Euro Pacific Precious Metals), a precious metals dealer, and Euro Pacific Bank, a full-reserve bank. In addition to all these, Schiff is known for something else – his grudge with Bitcoin. He has always claimed its value will one day drop to nothing. Earlier this year, Mark Cuban told Schiff to “move on” because “gold is dead.” In Response,  Schiff said, “Mark, a lot of your athletes wear gold jewelry. Ask them why. Gold has many uses outside of jewelry that contributes to its value as a metal. It’s not hyped at all. Gold is money. Bitcoin is 100% hype. It’s nothing.” Related Reading | Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today Cuban himself used to be a bitcoin skeptic, preferring bananas to bitcoin because he claimed he could at least eat a banana. In an interview on Good Evening San Diego a few days ago, Schiff referred to Bitcoin as a fool’s gold and a digital pyramid scheme. He also said that the SEC should not be encouraging people to participate. BTC trading at over $62K | Source: BTCUSD on TradingView.com When asked about the SEC’s recent approval of Bitcoin ETFs, he responded that “we should get rid of the SEC”. He continued by saying, “I have no problem with the ETF itself, but if the SEC is pretending that it is some kind of watchdog and trying to make sure that investors don’t get hurt, then it makes no sense that they would approve this ETF because ultimately, the ETF is going to collapse to zero and the people who are left holding the bag are going to get wiped out.” Schiff is also not impressed with futures ETFs. He says, “instead of owning nothing, you own a futures contract to gamble on nothing.” Featured image by Bloomberg, Chart from TradingView.com

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BlackRocks Bitcoin ETF flips gold fund

BlackRocks IBIT ETF now holds upward of $33 billion in assets, more than the asset managers gold fund.

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STKD launches Bitcoin and gold ETF as debasement trade gains traction

The fund touts leveraged exposure to Bitcoin and gold as investors brace for inflation and geopolitical strife. 

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