Will Bitcoin outshine gold as store of value? Anthony Scaramucci, Erik Voorhees, Nouriel Roubini and Peter Schiff weigh in
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 or gold serves as a better inflation hedge.Peter Schiff, a longstanding critic of Bitcoin, opened the debate by arguing that Bitcoin, originally created as a digital currency, fails to function effectively due to its slow and expensive nature.
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.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.
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.Cryptocurrencies rebounded on Friday, driven by a rise in Bitcoin's price, raising optimism that the recent drawdown may be subsiding. BTC climbed nearly 5%, briefly surpassing $63,000.
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