Peter Schiff “Bitcoin is the opposite of gold”…Industry rebuts “Digital gold and beyond”

Gold advocate Peter Schiff has continued his criticism of Bitcoin, defining it as a 'speculative bet on gold'. The industry countered that Bitcoin is actually a store of value that surpasses gold.

Peter Schiff, a fervent supporter of gold investment and well-known critic of Bitcoin (BTC), has once again targeted Bitcoin. He recently claimed on his social media that “buying Bitcoin is a speculative bet on gold”, emphasizing the fundamental difference between the two assets.

Schiff drew a clear line, stating that while Bitcoin is often called 'digital gold', its nature is actually the opposite of gold. He strongly criticized, “Gold is an established store of value with a long history as a physical asset, while Bitcoin is a purely speculative asset with no intrinsic value and high volatility.” He further pointed out, “Bitcoin is not a substitute for gold, but rather a digital anti-gold that goes against gold.”

Interestingly, crypto investors reacted to Schiff's analysis by paradoxically agreeing with his view. However, their agreement was in the sense that 'Bitcoin is a superior asset to gold'. In other words, it proved that Bitcoin is not simply 'digital gold', but a new store of value beyond the traditional financial system.

Some industry experts also expressed the opinion that comparing Bitcoin with gold itself is unreasonable, given that Bitcoin has characteristics clearly distinct from existing assets. One investor mentioned, “While gold is a means of preserving existing wealth, Bitcoin is a platform for creating new wealth based on digital innovation.” Along with this, citing a case from 2014 where an economist on a Chinese CCTV broadcast program publicly rejected “100 BTC” as “useless”, they pointed out that Schiff could also make such a misjudgment over time.

Schiff also added an analysis that Bitcoin is currently showing a negative correlation with gold, saying, “Bitcoin not only differs from gold but moves in the opposite direction.” This is interpreted as Bitcoin and gold moving in opposite directions, taking each other as reference points, rather than showing a 'safe-asset synchronization' where they rise and fall together.

In the end, the market did not take Schiff's remarks at face value. Rather, this debate revealed that Bitcoin is perceived not as an asset simply imitating gold, but as a symbol of innovation surpassing traditional assets. The assessment that Bitcoin is not just 'digital gold', but something beyond that, seems to be gaining strength.

#Bitcoin #GoldInvestment #PeterSchiff #DigitalAssets