Peter Schiff a Gold proponent and crypto skeptic has won the debate on whether gold is a superior store of value to Bitcoin. Schiff was going through against Skybridge founder and former politician Anthony Scaramucci in a debate conducted by intelligence squared on Aug 25.
There was a poll which scored 38% way before the gold vs Bitcoin debate started. In the poll an online audience was seen to be in favor of the precious metal, 26% for BTC and 35% as undecided. Schiff was capable to handle a significant number to the precious metal by the end with final results scoring a 51% for gold, 32% for BTC and 17% undecided. Scaramucci started things stating that BTC’s value is derived from its network which lets peer-to-peer transactions without a third party. He also mentioned that BTC has an edge over gold due to its shortage and digital properties.
“I think this cryptocurrency revolution and Bitcoin specifically, because of its scarcity, is going to transcend gold. It’s more portable, it’s impregnable in terms of the transaction over the blockchain…and it’s being adopted quite rapidly.” Schiff believes that “in reality, Bitcoin and gold have absolutely nothing in common” as he said that Bitcoin is marketed like gold, but doesn’t possess any of the “metallic properties,” that gives gold value.
“Part 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 “B” on it. But it’s not a coin, it’s just a digital string of numbers, it doesn’t have any substance,” he said. He pointed out there is a difference between “price and value”, with gold’s value being determined by real-world use cases, while BTC doesn’t have a palpable source in the real world. “In 100 years, in 1,000 years, the gold that I’m storing today can be melted down and used in electronics or used in jewellery, or for whatever new uses have been invented that don’t even exist today.”