The Gold vs Bitcoin battle has been heating up. Peter Schiff is a notorious Bitcoin detractor who just so happens to be a gold investor. You can often find him advising his social media followers to stay away from Bitcoin and other digital currencies.
It doesn’t matter how high the price of Bitcoin rises unless you sell. Every buyer must eventually sell to realize any benefit from the rise. But therein lies the problem. Once hodlers decide to cash out, the price collapses, wiping out paper gains before they can be realized!
— Peter Schiff (@PeterSchiff) June 22, 2019
Back in May, Grayscale Investments launched their “Dump Gold, Buy Bitcoin” campaign and the comparisons have been flying around on Twitter ever since. Grayscale’s founder and CEO Barry Silbert is one of Bitcoin’s biggest advocates.
He’s never shy about taking shots at gold and investors like Peter Schiff. Silbert has asserted in the past that only gold investors think gold is better than bitcoin and more recently claimed: “Gold bugs just don’t get it.”
Barry Silbert is not the only one who likes to counterpunch Peter Schiff’s Bitcoin attacks. After Schiff’s most recent critique of Bitcoin, a slew of popular Bitcoiners came to the defense of cryptocurrency. Crypto advocates tried to explain that the dichotomy that Schiff explains already exists.
One day you’ll realize that you just described every tradable asset, ever.
— Jameson Lopp (@lopp) June 22, 2019
And this is not true for gold because…?
— Erik Voorhees (@ErikVoorhees) June 22, 2019
Twitter arguments do not usually end in enlightenment, but Schiff did not engage any further. Others just couldn’t resist throwing some real zingers at Schiff.
Here’s one use – Buying precious metals from your own website 😂
— Mr Gordon (@MrGordon_UK) June 22, 2019
The Gold vs Bitcoin debate will not be settled on Twitter. But we can clearly see BTC is outperforming gold’s price performance.