Renowned Economist Says Bitcoin Isnt Digital Gold, Then What Is It?
Chief Economist and Bitcoin antagonist, Peter Schiff has made another controversial statement about BTC, comparing the worlds 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 Bitcoins 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.
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 Schiffs 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 golds value.
The economist has remained critical of Bitcoins 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 Schiffs statement about Bitcoin, opposing the Bitcoin antagonists views and showcasing their relentless support for the cryptocurrency.
One crypto community member has asserted that Schiffs Bitcoin remarks lack theoretical validity, stemming from a fundamental misunderstanding and fear of BTCs 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. Its not a matter of if, its a matter of when, a community member stated.
Read more: https://www.newsbtc.com/news/bitcoin/bitcoin-isnt-digital-gold/
Text source: NewsBTC
