The comparison of Bitcoin and Gold is in the crypto-world is omnipresent: BTC is referred to as the digital Gold, because the crypto currency has some of the properties of the most sought-after precious metal. In the process, are often not compared, only the individual properties of the two assets, but also their Performance. So a common question is: Is Bitcoin a better Investment than Gold?Peter Schiff, a noted Economist and critic of Bitcoin, the famous crypto-currency in a recent Tweet, a further side-swipe. This ship said that Gold will outperform in the future Bitcoin. Ship is right, and what are the reasons he is called?
Bitcoin and Gold: BTC as a Store of Value
The most common Association of Bitcoin and Gold is in the connection with the keyword “Store of Value”. So BTC due to its characteristics, such as, for example, the limited supply compared, with Gold in its function as a safe haven. The span of the persons who make such statements, enough of the public TV stations (ARD) on crypto Magazine to large banks or important people in the financial world.So, while in the meantime a broad mass Bitcoin attests to the Label “Store of Value”, of course there are still people who deny BTC any raison d’être. A good example is the Economist Peter Schiff who is always criticising, that Bitcoin have no intrinsic value is.
Bitcoin exchange rate Crash back to earth? – Peter Schiff
In a recent Tweet the ship to support his Position. Here, he talks about the future of Gold and BTC. In his opinion Gold will outperform in the next period, the largest crypto currency by market capitalization. This was, in his opinion, mainly due to the fact that Bitcoin crash again ‘back to earth’.
Over the past several years, Bitcoin Hodler poked fun at gold investors because #Bitcoin gained so much more than #gold. Over the next several years those roles will reverse, but not because gold rises more than Bitcoin, but because gold moons as Bitcoin crashes back to earth.— Peter Schiff (@Peter Schiff) April 11, 2020
It is easy to see that the ship provides no justification. Rather, he repeats his old Mantra: BTC is a pure object of speculation. Gold, however, real-world purposes, and has already been appreciated for thousands of years.On this statement the demand is not followed on the part of the Community, why he shorte Bitcoin then? – This vessel replied that he was already against BTC bet. How exactly he does this, you will see in the Following:
I don’t own any Bitcoin and I have a lot of Long positions on Gold and silver. Yes, even bigger positions in valuable Mining firms. This is effectively considered the biggest bet against BTC in his role as the new Gold or a competitor to Gold as a Store of Value.
Peter Schiff and his repetitive history
At this point, we need to hold quite sober that Peter Schiff noticed in the past with such statements. The Nice thing about statements from the past to the future, the fact that one can evaluate from today’s perspective, the quality of these Statements.An example of this is an old Tweet from Peter Schiff in which he said that the BTC case to 0 dollars. As we all know, Bitcoin is still alive and far from a rate value close to 0 dollars. In this respect, the ship received a lot of negative criticism of his Tweet. It was said, for example:
Two years ago you said it’s going to zero. What happened?— zender ? #taproot #coinjoin (@zndtoshi) April 11, 2020
Accordingly, I give at this point, the all-clear. Bitcoin is a high probability that no Asset that will disappear in the next few years. The fear that the Bitcoin rate will fall to 0 USD, and thus solid could crash, I think, is for the most unfounded.
Do you want to position yourself in the Bitcoin market?
On the award-winning and award-winning platform from eToro you can do this! In particular, for beginners, the platform provides one of the best User experiences in the world. In addition, you can not only rising but also falling share prices!Just try it out and get in, instead of just reading!62 % of private CFD accounts lose money. No EU investor protection.Peter Schiff has with his statements right or he is completely wrong?Come on in to our Telegram Chat and talk with the experts and the Community!
Subscribe to our News channel to not miss any News.(Image source: Shutterstock)The versions in this article, no trade recommendations or investment advice.