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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Renowned Economist Says Bitcoin Isn’t Digital Gold, Then What Is It?

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin gold

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Chief Economist and Bitcoin antagonist, Peter Schiff has made another controversial statement about BTC, comparing the world’s largest cryptocurrency to gold, while expressing skepticism about BTC being lauded as the “digital gold.”

Bitcoin Is “Digital Anti-Gold”

In a February 27 post on X (formerly Twitter), Schiff publicly criticized Bitcoin’s title as the digital gold, asserting that the cryptocurrency should be seen as a bet against gold instead of a digital counterpart of the precious metal. While the renowned economist has stated that “Bitcoin is not digital gold,” he has also provided his version of a more accurate description of Bitcoin, characterizing the cryptocurrency as a “digital anti-gold.”

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Earlier in November 2023, ARK Invest CEO, Cathie Woods declared Bitcoin to be a digital gold, confidently stating that she would rather 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 ultimate store of value. 

These sentiments and statements from renowned BTC investors and leading cryptocurrency supporters clearly contrast Schiff’s perspective on BTC. The global strategist is well known for his opposing views against BTC and other cryptocurrencies, often criticizing the value of these digital assets and informing the broader crypto community of the risks associated with cryptocurrencies while glorifying gold’s value. 

The economist has remained critical of Bitcoin’s perceived role as a digital store of value, highlighting that BTC buyers should hope for the sustained control of inflationary pressures and the ongoing strength of the United States dollar (USD) against other fiat currencies.

Crypto Community In Opposition

The crypto community has swiftly offered their personal opinions on Schiff’s statement about Bitcoin, opposing the Bitcoin antagonist’s views and showcasing their relentless support for the cryptocurrency. 

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One crypto community member has asserted that Schiff’s Bitcoin remarks lack theoretical validity, stemming from a fundamental misunderstanding and fear of BTC’s value and potential. Another member has highlighted the differences between gold and Bitcoin, describing the cryptocurrency as a “tech innovation” which has nothing to do with precious metals like gold. 

The majority of crypto members have shown unwavering support for BTC, with some even stating that Bitcoin could potentially surpass the value of gold in the future.

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

Bitcoin price chart from Tradingview.com

BTC price surges despite criticism | Source: BTCUSD on Tradingview.com
Featured image from InfoMoney, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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