• During the argument, Schiff stated that in truth, Bitcoin and gold have virtually nothing in common, claiming that gold has value owing to its metallic characteristics, whereas Bitcoin is only a big pump and dump
  • Scaramucci began by claiming that the value of Bitcoin is derived from its network, which allows for peer-to-peer transactions without the use of a third party
  • In his perspective, it’s a gigantic pump-and-dump, he explained, where the guys who got in reasonably early are always trying to pump up the market in order to generate a lot of passion, momentum, and FOMO so that they can eventually sell out into this market that they’re creating

During the argument, Schiff stated that in truth, Bitcoin and gold have virtually nothing in common, claiming that gold has value owing to its metallic characteristics, whereas Bitcoin is only a big pump and dump. Peter Schiff, a proponent of gold and a crypto skeptic, has been declared the winner of a discussion over whether gold is a better store of value than Bitcoin (BTC). In a debate presented by Intelligence Squared on Wednesday, Schiff was pitted against Skybridge entrepreneur and former politician Anthony Scaramucci. A poll conducted prior to the start of the gold vs. Bitcoin discussion found 38 percent of the online audience in favor of gold, 26 percent in favor of Bitcoin, and 35 percent uncertain. By the conclusion, Schiff had managed to sway a considerable proportion in favor of gold, with final figures of 51 percent for gold, 32 percent for BTC, and 17 percent uncertain.

Scaramucci began by claiming that the value of Bitcoin is derived from its network, which allows for peer-to-peer transactions without the use of a third party. He also claimed that BTC has a competitive advantage over gold due to its scarcity and digital properties, he believes that the cryptocurrency revolution — and Bitcoin in particular, due to its scarcity — will outperform gold. It’s more portable, it’s impenetrable in terms of blockchain transactions, and it’s gaining traction quickly. As a result of this, prices are going to skyrocket, he warned. In response, Schiff stated that in reality, Bitcoin and gold have virtually nothing in common, claiming that while Bitcoin is promoted as gold, it lacks the metallic characteristics that give gold its value.

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Trying to represent Bitcoin as gold, gold 2.0, or digital gold is part of the marketing scam. he meant Bitcoin is always shown as a coin, with a gold tint and a ‘B’ emblazoned on it. But it’s not a coin; it’s just a digital string of numbers with no meaning, he explained. He said that there is a distinction between price and value, with gold’s value defined by real-world use cases, but BTC has no real-world backing, in a hundred years, a thousand years, the gold he is saving today can be melted down and utilized in electronics, jewelry, or whatever other uses have been devised that don’t exist today. The crypto skeptic referred to BTC as a Ponzi scheme, a giant pump-and-dump, and tulip frenzy throughout the conversation. Schiff is unconcerned about the asset’s rising price because he feels that whales who bought in early are gradually dumping on late adopters.

In his perspective, it’s a gigantic pump-and-dump, he explained, where the guys who got in reasonably early are always trying to pump up the market in order to generate a lot of passion, momentum, and FOMO so that they can eventually sell out into this market that they’re creating. Scaramucci emphasized that BTC’s worth is based on its global network and that digitization will be the next stage of humanity, as “software is eating the planet, Schiff remarked that he might reconsider his position if Bitcoin was backed by gold and used as a currency rather than being traded exclusively. In honor of his victory, Schiff mocked BTC proponent and MicroStrategy CEO Michael Saylor: All he had to say is, Michael Saylor, quit avoiding him, he knew he was out there.

Source: Peter Schiff triumphs in the discussion over whether gold or Bitcoin is a greater store of value

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