Battle of the Assets: BTC vs Gold
Heated Debate Unfolds:
In a fiery live debate organized by ZeroHedge and streamed on YouTube, Anthony Scaramucci, the billionaire investor from SkyBridge Capital, clashed with top analyst Peter Schiff on whether Bitcoin (BTC) or gold provides a superior hedge against inflation.
The Key Players:
Joining the debate were Erik Voorhees, CEO of ShapeShift, and Nouriel Roubini, an economics professor at NYU.
Digital Gold or Real Gold?
Peter Schiff argued that Bitcoin advocates are trying to rebrand it as a digital equivalent of gold. However, he believes that Bitcoin lacks the intrinsic value derived from the physical properties of real gold.
According to Schiff, “Bitcoin is no more digital gold than an image of a hamburger is digital food.” He emphasized gold’s tangible utility in industries like jewelry and electronics, contrasting it with Bitcoin’s perceived lack of practical uses.
On the other hand, Scaramucci viewed Bitcoin as “digital gold,” noting its portability compared to physical gold.
He highlighted Bitcoin’s deflationary aspect due to its fixed supply, likening its trajectory to that of tech stocks that eventually became standard bearers.
The Surge Past $63K:
Bitcoin’s recent surge to over $63K followed a chill in the U.S. job market’s April report, easing concerns about potential interest rate hikes.
Source: CoinMarketCap
Find more details about this intriguing debate on U.Today’s original article.
