Chief Economist and Bitcoin Antagonist, Peter Schiff made another one controversial statement about BTC, comparing the world’s largest cryptocurrency to gold, while expressing skepticism about BTC being hailed 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, claiming that the cryptocurrency should be viewed as a bet against gold rather than a digital counterpart to 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, CEO of ARK Invest said, Cathie Bos declared Bitcoin one digital gold, confidently stating that she would rather bet on Bitcoin than gold. Similarly, MicroStrategy’s Chief Executive Officer (CEO), Michael Saylor and CEO of VanEck, Jan van Eckhave confirmed that BTC is the ultimate store of value.
These sentiments and statements from renowned BTC investors and leading cryptocurrency advocates are in clear contrast Schiff’s perspective on BTC. The global strategist is known for his opposing views on BTC and other cryptocurrencies, often criticizing the value of these digital assets and educating the broader crypto community about the risks associated with cryptocurrencies while the value of gold is glorified.
The economist has remained critical of Bitcoin’s perceived role as a digital store of valuehighlighting that BTC buyers should hope for the continued check of inflationary pressures and the continued strength of the US dollar (USD) against other fiat currencies.
Crypto community in opposition
The crypto community has been quick to express their personal opinions on Schiff’s statement on Bitcoin, opposite the Bitcoin antagonists stances and show their continued support for the cryptocurrency.
One member of the crypto community has done just that claimed That Schiff’s Bitcoin Comments lack theoretical validity, which stems from a fundamental misunderstanding and fear of BTC’s value and potential. Another member highlighted the differences between gold and Bitcoin, to describe the cryptocurrency as a ‘tech innovation’ that has nothing to do with precious metals such as gold.
The majority of crypto members have shown unwavering support for it BTCwith some even claiming that Bitcoin could potentially surpass the value of gold in the future.
“Bitco will consume gold. It’s not a matter of if, it’s a matter of when,” said one community member declared.
BTC price surges despite criticism | Source: BTCUSD on Tradingview.com
Featured image from InfoMoney, chart from Tradingview.com
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