Bitcoin vs Gold: Which Asset is Anticipated to Transcend the Other?

7:20 am, Fri, 27 August 21

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The Bitcoin vs gold debate has been quite the buzz, similar to the BTC vs ETH debate. However, the debate between Bitcoin enthusiasts and gold proponents may be slightly complexed due to the nature of both assets.

On August 25th, such a debate was conducted by the Intelligence Squared. Peter Schiff and Anthony Scaramucci were the participants in the debate and several points were made, especially against Bitcoin. Regardless of the debate’s outcome, the price of Bitcoin looks good.

After experiencing a slight price correction yesterday, it is now trading at $47,171 (at the time of writing).

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Is Gold Better than Bitcoin?

Peter Schiff has quite openly been a critic of the flagship cryptocurrency. On the other hand, Anthony Scaramucci is a former politician, founder of Skybridge and quite in favor of Bitcoin. Both the participants made some riveting points.

During the debate, Schiff stated that Bitcoin is portrayed as gold because it is represented as a golden coin. It is marketed like gold but possesses none of its metallic properties.

Schiff also argued that the price and value of both Bitcoin and gold are not the same things. Bitcoin might be seeing a price surge at the moment, but in the long run, gold will have a higher value. One of the reasons he revealed for this is the unavailable tangible backup of the crypto asset.

Schiff stated:

In 100 years, in a 1,000 years, the gold that I’m storing today can be melted down and used in electronics or used in jewelry, or for whatever new uses have been invented that don’t even exist today.”

Peter Schiff emphasized the fact that the value of Bitcoin is bound to its global network, which is why it cannot be the same as gold. He, however, said that he would change his mind about the flagship crypto asset if it was backed by gold and used as a proper currency instead of just the means to trade.

On the other hand, Anthony Scaramucci spoke in favor of Bitcoin. He began by declaring that Bitcoin’s network defines its value. This enables crypto enthusiasts to make peer-to-peer transactions without the need to involve a third party.

Scaramucci also believes and suggested that Bitcoin does have an advantage over gold. Unlike gold, BTC is scarce and has digital properties.

He stated:

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.”

According to Scaramucci, these factors boost the price of the digital asset, which is anticipated to surge higher.

Peter Schiff officially won the debate, however, he stated that in reality there is nothing common between Bitcoin and gold.

Are you a Bitcoin Investor or Trader?

An online poll was started before the Bitcoin vs gold debate. The results of the poll revealed:

  • 38% of the online participants were in the favor of gold
  • 26% favored Bitcoin
  • 35% were still undecided

As an investor or trader of cryptocurrencies, you should know that there is a lot of volatility associated with the crypto market. This is why some people still hesitate to step into the crypto space.

However, it does come with its perks and whether or not you invest in a digital asset as significant as Bitcoin, is a matter of your personal preference. Bitcoin is a remarkable asset and is believed to be a game-changer, despite some ups and downs it may experience now.

Therefore, if you want to step into the crypto space then make sure you look for some of the best Bitcoin exchanges and purchase BTC.

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