Chief economist and Bitcoin naysayer Peter Schiff has once again made a controversial statement about Bitcoin, comparing the world's largest cryptocurrency to gold while expressing doubts about Bitcoin's reputation as "digital gold."
Bitcoin is the "digital anti-gold"
In a Feb. 27 post on X (formerly Twitter), Schiff openly criticized Bitcoin’s title as digital gold, claiming that the cryptocurrency should be viewed as a bet on gold rather than a digital counterpart to the precious metal. While the renowned economist stated that “Bitcoin is not digital gold,” he also provided his own version of a more accurate description of Bitcoin, describing the cryptocurrency as the “digital anti-gold.”
As early as November 2023, ARK Invest CEO Cathie Wood declared Bitcoin to be digital gold and confidently stated that she would rather bet on Bitcoin than gold. Similarly, MicroStrategy CEO (CEO) Michael Saylor and VanEck CEO Jan van Eck also confirmed that Bitcoin is the ultimate store of value.
These opinions and comments coming from a well-known Bitcoin investor and major cryptocurrency supporter are clearly contrary to Schiff’s views on Bitcoin. The global strategist is known for his opposing views on the value of Bitcoin and other cryptocurrencies, often criticizing the value of these digital assets and informing the wider crypto community about the risks associated with cryptocurrencies while extolling the value of gold.
The economist has been critical of Bitcoin’s role as a digital store of value, stressing that Bitcoin buyers should hope for continued containment of inflationary pressures and continued strength of the U.S. dollar (USD) against other fiat currencies.
The cryptocurrency community was quick to respond to Schiff’s comments on Bitcoin, opposing the Bitcoin naysayer’s views and demonstrating their unwavering support for the cryptocurrency.
One cryptocurrency community member claimed that Schiff’s comments on Bitcoin lacked theoretical basis and were simply based on basic misunderstanding and fear of Bitcoin’s value and potential. Another member emphasized the differences between gold and Bitcoin and described the cryptocurrency as a “technological innovation” that has nothing to do with precious metals such as gold.
Most cryptocurrency members have shown strong support for Bitcoin, with some even saying that Bitcoin has the potential to surpass the value of gold in the future.
One community member stated, “Bitcoin will replace gold. It’s not a question of if, it’s a question of when.” #比特币 #数字黄金
