Peter Schiff wins debate over whether gold is a better store of value than BTC
By: Omgfin Exchange
Tags: Blockchain, Values, Gold, Bitcoin, Cryptocurrency

Peter Schiff wins debate over whether gold is a better store of value than BTC Omgfin Exchange Aug 27·3 min read

During the controversy, Schiff aforementioned that “in reality, Bitcoin and gold have fully nothing in common” as gold has price because of its gilded properties whereas Bitcoin is simply a “giant pump and dump. “

Gold exponent and crypto intellectual Peter Schiff has been topped the winner of a dialogue on whether or not gold may be a superior store important to Bitcoin.

Schiff was facing off against Skybridge founder and former politician Anthony Scaramucci during a debate hosted by Intelligence square on August twenty five.

Before the gold vs Bitcoin debate began, a poll scored 38% of the net audience in favor of the valuable metal, 26% for BTC and 35% as undecided. Schiff was ready to swing a big variety to the valuable metal by the tip, with final results tallying in at 51% for gold, 32% for BTC and 17% undecided.

Scaramucci kicked things off by declarative that BTC’s worth springs from its network that allows peer-to-peer transactions while not a 3rd party. He additionally prompt that BTC has a foothold over gold attributable to its scarceness and digital properties:

“I think this cryptocurrency revolution and Bitcoin specifically, because of its scarcity, is going to transcend gold. It’s more portable, it’s impregnable in terms of the transaction over the blockchain […] and it’s being adopted quite rapidly.”

“A results of that the costs square measure getting to go a great deal higher,” he added.

In response, Schiff said that “in reality, Bitcoin and gold have fully nothing in common” as he argued that Bitcoin is marketed like gold, however does not possess any of the “metallic properties,” that offers gold worth.

“Part of the promoting fraud is to do to portray Bitcoin as gold, gold 2.0, digital gold. I mean Bitcoin itself is often displayed as a coin, and therefore the color is gold, and you place sort of a “B” on that. however it isn’t a coin, it’s simply a digital string of numbers, it does not have any substance,” he said.

He argued that there’s a distinction between “price and value”, with gold’s worth being determined by real-world use cases, whereas BTC does not have tangible backing within the real world:

“In 100 years, in a 1,000 years, the gold that I’m storing today can be melted down and used in electronics or used in jewelry, or for whatever new uses have been invented that don’t even exist today.”

Throughout the talk, the crypto skeptic delineate BTC as a “Ponzi theme,” a “giant pump and dump” and “tulip mania.” Schiff is additionally unfazed by the rising worth of the plus, as he believes that late adopters of BTC area unit being bit by bit drop on by whales UN agency happened early.

“In my mind it’s a large pump and dump, wherever the fellows that came comparatively early […] square measure perpetually attempting to pump up the market so as to come up with plenty of enthusiasm and momentum and FOMO in order that they’ll sell out bit by bit into this market that they’re making,” he said.

Related: Analysts say Bitcoin price pullback and profit-taking at $50K ‘was expected’

Scaramucci reiterated that the worth of BTC is tied to its international network, which digitisation within the next stage of humanity as “software is consumption the planet.” Schiff explicit he would solely amendment his mind if BTC was backed by gold, and was truly used as a currency as against being listed primarily.

In celebration of his win, Schiff known as out BTC proponent and MicroStrategy Chief Executive Officer Michael Saylor in jest: