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Bitcoin vs Gold: Peter Schiff and Anthony Scaramucci Clash in Epic Debate

Published 05/04/2024, 10:48 AM
Updated 05/04/2024, 02:00 PM
© Reuters Bitcoin vs Gold: Peter Schiff and Anthony Scaramucci Clash in Epic Debate
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U.Today - In a heated live debate organized by ZeroHedge and presented on YouTube, billionaire investor Anthony Scaramucci of SkyBridge Capital sparred with top analyst Peter Schiff over whether Bitcoin (BTC) or gold serves as a better inflation hedge.

They were joined by the CEO of ShapeSchift Erik Voorhees and Nouriel Roubini, a professor of economics at NYU.

BTC as digital gold

Bitcoin proponents are attempting to reposition it as a digital version of gold, Schiff said. Still, in his view, it falls short of gold's intrinsic value derived from its physical properties.

“Bitcoin is no more digital gold than an image of a hamburger is digital food,” Schiff noted.

He emphasized gold's tangible utility in industries like jewelry and electronics, contrasting it with Bitcoin, which he believes lacks practical uses and utility.

Regarding gold's enduring value, Schiff asserted that it retains its intrinsic properties over time, serving as a genuine store of value. He also argued that the perceived value of Bitcoin is merely based on speculative demand and does not reflect any inherent usefulness or practical applications.

BTC as asset

He emphasized that Bitcoin, like gold, has a deflationary aspect due to its fixed supply. Scaramucci views Bitcoin as "digital gold," noting its portability compared to physical gold.

He also pointed that Bitcoin is following an adoption curve that will impact its value over decades, likening it to the trajectory of tech stocks that became standard over time and contributed to the S&P 500 index.

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BTC breaks $63K

Source: CoinMarketCapThis surge followed a cooler-than-expected U.S. April jobs report, which alleviated concerns about potential increases in interest rates.

This article was originally published on U.Today

Latest comments

How much of gold is actually used for industrial purpose and jewelry ? Granted it has been a measure of value for certain cultures over millennium, in the end the only thing that makes it valuable is humans perception.
Yeah, if you look up the total global % actually used for technology is less than 7%. It is mostly used for jewelry roughly 48%. Behind that is investment and central banks which our both in the 21-24% range.
you're talking like it's our perception that gives gold its value. but this is wrong and this was peter's whole point. what gives gold its value is the use case as raw materials to be produced into something that is of value to us, ranging from jewelry to electronics. we could be holding any other commodity to be used as a reference to evaluate the value of other things but gold tends to be the best in doing this as it passes the test of time without decaying or eroding away. by holding gold, you are storing value for that golds future uses, you don't need to rely on any subjective human perception, it relies on its use case or its value which is objectively present. for example, 10 years from now, when they're wanting to do some blood tests to scan for cancer. they need gold as raw material. they don't rely on their perception of golds value, they know its value because they need it to produce their goods - cancer test kits in this example. in contrast to what gold is, there is something that relies on humans perception, and it's fiat currencies. i just find it very amusing when i see pro bitcoiners diss on central bank issued fiat currencies while advocating a digital fiat currency that relies purely on human perception. i would rather invest in what is objectively right or wrong than looking at subjective factors and trying to figure out if we have any supply of these people still? to make it go up higher? or have we run out of fools?
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