{"id":330975,"date":"2021-08-27T07:28:00","date_gmt":"2021-08-27T04:28:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/peter-schiff-wins-debate-over-whether-gold-is-a-better-store-of-value-than-btc\/"},"modified":"2021-08-27T07:28:00","modified_gmt":"2021-08-27T04:28:00","slug":"peter-schiff-wins-debate-over-whether-gold-is-a-better-store-of-value-than-btc","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/peter-schiff-wins-debate-over-whether-gold-is-a-better-store-of-value-than-btc\/","title":{"rendered":"# Peter Schiff wins debate over whether gold is a better store of value than BTC"},"content":{"rendered":"

“# Peter Schiff wins debate over whether gold is a better store of value than BTC <\/strong>”
\n<\/p>\n

Gold proponent and crypto skeptic Peter Schiff has been crowned the winner of a debate on whether gold is a superior store of value to Bitcoin.<\/p>\n

Schiff was facing off against Skybridge founder and former politician Anthony Scaramucci in a debate hosted<\/a> by Intelligence Squared on Aug 25. <\/p>\n

Before the gold vs Bitcoin debate began, a poll scored 38% of the online audience in favor of the precious metal, 26% for BTC and 35% as undecided. Schiff was able to swing a significant number to the precious metal by the end, with final results tallying in at 51% for gold, 32% for BTC and 17% undecided. <\/p>\n

Scaramucci kicked things off by asserting that BTC\u2019s value is derived from its network which enables peer-to-peer transactions without a third party. He also suggested that BTC has an edge over gold because of its scarcity and digital properties: <\/p>\n

\u201cI think this cryptocurrency revolution and Bitcoin specifically, because of its scarcity, is going to transcend gold. It\u2019s more portable, it\u2019s impregnable in terms of the transaction over the blockchain […] and it’s being adopted quite rapidly.\u201d<\/p><\/blockquote>\n

\u201cA result of which the prices are going to go a lot higher,\u201d he added.<\/p>\n

In response, Schiff said that \u201cin reality, Bitcoin and gold have absolutely nothing in common\u201d as he argued that Bitcoin is marketed like gold, but doesn\u2019t possess any of the \u201cmetallic properties,\u201c that gives gold value. <\/p>\n

\u201cPart of the marketing fraud is to try to portray Bitcoin as gold, gold 2.0, digital gold. I mean Bitcoin itself is always displayed as a coin, and the color is gold, and you put like a \u201cB\u201d on it. But it\u2019s not a coin, it\u2019s just a digital string of numbers, it doesn’t have any substance,\u201d he said.<\/p>\n

He argued that there is a difference between \u201cprice and value\u201d, with gold\u2019s value being determined by real-world use cases, while BTC doesn\u2019t have tangible backing in the real world: <\/p>\n

\u201cIn 100 years, in a 1,000 years, the gold that I\u2019m storing today can be melted down and used in electronics or used in jewelry, or for whatever new uses have been invented that don\u2019t even exist today.\u201d<\/p><\/blockquote>\n

Throughout the debate, the crypto skeptic described BTC as a \u201cPonzi scheme,\u201d a \u201cgiant pump and dump\u201d and \u201ctulip mania.\u201d Schiff is also unfazed by the rising price of the asset, as he believes that late adopters of BTC are being gradually dumped on by whales who got in early.<\/p>\n

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Here is the Intelligence Squared #Bitcoin<\/a> vs. #Gold<\/a> debate I did with @Scaramucci<\/a>. Since you Bitcoin pumpers forgot to rig the vote this time I was actually able to win this one. Check it out and judge for yourself. https:\/\/t.co\/Q2UuZmevAx<\/a><\/p>\n

\u2014 Peter Schiff (@PeterSchiff) August 26, 2021<\/a><\/p><\/blockquote>\n