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Chief Economist and Bitcoin antagonist, Peter Schiff has made one other controversial statement about BTC, evaluating the world’s largest cryptocurrency to gold, whereas expressing skepticism about BTC being lauded because the “digital gold.”

Bitcoin Is “Digital Anti-Gold”

In a February 27 submit on X (previously Twitter), Schiff publicly criticized Bitcoin’s title because the digital gold, asserting that the cryptocurrency ought to be seen as a guess in opposition to gold as a substitute of a digital counterpart of the dear steel. While the famend economist has said that “Bitcoin is not digital gold,” he has additionally supplied his model of a extra correct description of Bitcoin, characterizing the cryptocurrency as a “digital anti-gold.”

Earlier in November 2023, ARK Invest CEO, Cathie Woods declared Bitcoin to be a digital gold, confidently stating that she would quite wager on Bitcoin than gold. Similarly, Chief Executive Officer (CEO) of MicroStrategy, Michael Saylor and CEO of VanEck, Jan van Eck, have confirmed BTC to be the last word retailer of worth. 

These sentiments and statements from famend BTC buyers and main cryptocurrency supporters clearly distinction Schiff’s perspective on BTC. The world strategist is well-known for his opposing views in opposition to BTC and different cryptocurrencies, usually criticizing the worth of those digital belongings and informing the broader crypto group of the risks associated with cryptocurrencies whereas glorifying gold’s worth. 

The economist has remained crucial of Bitcoin’s perceived function as a digital store of value, highlighting that BTC consumers ought to hope for the sustained management of inflationary pressures and the continued energy of the United States greenback (USD) in opposition to different fiat currencies.

Crypto Community In Opposition

The crypto group has swiftly provided their private opinions on Schiff’s assertion about Bitcoin, opposing the Bitcoin antagonist’s views and showcasing their relentless assist for the cryptocurrency. 

One crypto group member has asserted that Schiff’s Bitcoin remarks lack theoretical validity, stemming from a elementary misunderstanding and worry of BTC’s worth and potential. Another member has highlighted the variations between gold and Bitcoin, describing the cryptocurrency as a “tech innovation” which has nothing to do with treasured metals like gold. 

The majority of crypto members have proven unwavering assist for BTC, with some even stating that Bitcoin may probably surpass the worth of gold sooner or later.

“Bitcoin is going to consume gold. It’s not a matter of if, it’s a matter of when,” a group member stated.

BTC worth surges regardless of criticism | Source: BTCUSD on Tradingview.com

Featured picture from InfoMoney, chart from Tradingview.com

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