{"id":48400,"date":"2021-08-27T13:07:24","date_gmt":"2021-08-27T10:07:24","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=48400"},"modified":"2025-09-02T02:01:53","modified_gmt":"2025-09-01T23:01:53","slug":"peter-schiff-wins-debate-over-golds-advantage-over-bitcoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/peter-schiff-wins-debate-over-golds-advantage-over-bitcoin\/","title":{"rendered":"Peter Schiff Wins Debate Over Gold\u2019s Advantage Over Bitcoin"},"content":{"rendered":"<p>Gold advocate and crypto-skeptic Peter Schiff proved more persuasive to viewers of Intelligence Squared&#8217;s organized debates on the merits of bitcoin versus the precious metal as a store of value.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Here is the Intelligence Squared <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> vs. <a href=\"https:\/\/twitter.com\/hashtag\/Gold?src=hash&#038;ref_src=twsrc%5Etfw\">#Gold<\/a> debate I did with <a href=\"https:\/\/twitter.com\/Scaramucci?ref_src=twsrc%5Etfw\">@Scaramucci<\/a>. Since you Bitcoin pumpers forgot to rig the vote this time I was actually able to win this one. Check it out and judge for yourself. <a href=\"https:\/\/t.co\/Q2UuZmevAx\">https:\/\/t.co\/Q2UuZmevAx<\/a><\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1430726510781026320?ref_src=twsrc%5Etfw\">August 26, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>His opponent was Anthony Scaramucci, founder of SkyBridge Capital.<\/p>\n<p>Before the debate began, 38% of the online audience favored gold, and 26% favored bitcoin. After it, support for gold rose to 51%, and for the cryptocurrency to 31%.<\/p>\n<p>Scaramucci began by arguing that bitcoin&#8217;s value is driven by the blockchain, which enables peer-to-peer transactions without intermediaries. In his view, the advantages of the leading cryptocurrency are underpinned by its limited supply and digital character.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;I think that bitcoin, in particular, because of its scarcity, will surpass gold. It is more portable, transactionally secure due to the blockchain, and its adoption is expanding rapidly,&#8221; the investor said.<\/p>\n<\/blockquote>\n<p>He added that as a result, the price of the cryptocurrency would rise significantly.<\/p>\n<p>In response, Schiff said that comparing the two assets is meaningless, since bitcoin <em>does not possess the qualities that give gold its value<\/em>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Part of the marketing fraud consists in trying to portray bitcoin as gold, gold 2.0, a digital variant. I mean, the cryptocurrency is always depicted as a gold-colored coin with the letter \u201cB\u201d. But it is not a coin, but simply a digital sequence of numbers that has no essence&#8221;, \u2014 said the president of Euro Pacific Capital.<\/p>\n<\/blockquote>\n<p>Schiff noted that there is a difference between price and value. For gold, the latter is determined by its real-world uses, he believes.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;In 100 or 1,000 years the gold I store now could be melted down and used in electronics, in jewelry, or for any new uses that do not yet exist today,&#8221; he stressed.<\/p>\n<\/blockquote>\n<p>He compared bitcoin to a financial pyramid or <a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%A2%D1%8E%D0%BB%D1%8C%D0%BF%D0%B0%D0%BD%D0%BE%D0%BC%D0%B8%D1%8F\">tulip mania<\/a>, adding that he is not bothered by the rising price of the asset.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;In my view, this is a gigantic pump-and-dump scheme, where people who got in relatively early are constantly trying to pump the market, generating more enthusiasm and <span data-descr=\"fear of missing out\" class=\"old_tooltip\">FOMO<\/span>, so that they can gradually unload on this market, which they themselves create,&#8221; he said.<\/p>\n<\/blockquote>\n<p>Schiff said he would change his view on cryptocurrency only if it were backed by gold and primarily used as money, not for trading.<\/p>\n<p>Earlier, Schiff <a href=\"https:\/\/forklog.com\/en\/news\/peter-schiff-if-i-could-go-back-i-would-buy-bitcoin\">called it a serious mistake<\/a> not to have bought bitcoin when he first learned about it in 2011.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold advocate and crypto-skeptic Peter Schiff proved more persuasive to viewers of Intelligence Squared debates on the merits of bitcoin versus the precious metal as a store of value.<\/p>\n","protected":false},"author":1,"featured_media":48401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1254,1298],"class_list":["post-48400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-anthony-scaramucci","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/48400","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=48400"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/48400\/revisions"}],"predecessor-version":[{"id":48402,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/48400\/revisions\/48402"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/48401"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=48400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=48400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=48400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}