{"id":580945,"date":"2024-02-28T23:00:17","date_gmt":"2024-02-28T23:00:17","guid":{"rendered":"https:\/\/wncen.com\/?p=580945"},"modified":"2024-06-11T06:50:48","modified_gmt":"2024-06-11T06:50:48","slug":"bitcoin-isnt-digital-gold","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-isnt-digital-gold\/","title":{"rendered":"Renowned Economist Says Bitcoin Isn\u2019t Digital Gold, Then What Is It?"},"content":{"rendered":"

Chief Economist and Bitcoin antagonist, <\/span>Peter Schiff<\/span><\/a> has made another <\/span>controversial statement <\/span><\/a>about BTC, comparing the world\u2019s largest cryptocurrency to gold, while expressing skepticism about BTC being lauded as the \u201cdigital gold.\u201d<\/span><\/p>\n

Bitcoin Is \u201cDigital Anti-Gold\u201d<\/h2>\n

In a February 27 post on X (formerly Twitter), Schiff publicly <\/span>criticized<\/span><\/a> Bitcoin\u2019s 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 \u201cBitcoin is not digital gold,\u201d he has also provided his version of a more accurate description of Bitcoin, characterizing the cryptocurrency as a \u201cdigital anti-gold.\u201d<\/span><\/p>\n

Related Reading: Can Ethereum Touch $4,000? Crypto Analyst Says ETH Rally Far From Over<\/a><\/div>\n

Earlier in November 2023, ARK Invest CEO, <\/span>Cathie Woods<\/span><\/a> declared Bitcoin to be a <\/span>digital gold<\/span><\/a>, confidently stating that she would rather wager on Bitcoin than gold. Similarly, Chief Executive Officer (CEO) of MicroStrategy, <\/span>Michael Saylor<\/span><\/a> and CEO of VanEck, <\/span>Jan van Eck<\/span><\/a>, have confirmed BTC to be the ultimate store of value.\u00a0<\/span><\/p>\n

These sentiments and statements from renowned BTC investors and leading cryptocurrency supporters clearly contrast <\/span>Schiff’s perspective on BTC<\/span><\/a>. 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 <\/span>risks associated with cryptocurrencies<\/span><\/a> while glorifying gold\u2019s value.\u00a0<\/span><\/p>\n

The economist has remained critical of Bitcoin’s perceived role as a <\/span>digital store of value<\/span><\/a>, highlighting that BTC\u00a0buyers should hope for the sustained control of inflationary pressures and the ongoing strength of the United States dollar (USD) against other fiat currencies.<\/span><\/p>\n

Crypto Community In Opposition<\/h2>\n

The crypto community has swiftly offered their personal opinions on Schiff\u2019s statement about Bitcoin, <\/span>opposing<\/span><\/a> the <\/span>Bitcoin antagonist\u2019s <\/span><\/a>views and showcasing their relentless support for the cryptocurrency.\u00a0<\/span><\/p>\n

Related Reading: Cardano Adoption Explodes: ADA Price Ready To Reclaim $3.1 All-Time High?<\/a><\/div>\n

One crypto community member has <\/span>asserted<\/span><\/a> that <\/span>Schiff\u2019s Bitcoin remarks<\/span><\/a> 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, <\/span>describing<\/span><\/a> the cryptocurrency as a \u201ctech innovation\u201d which has nothing to do with precious metals like gold.\u00a0<\/span><\/p>\n

The majority of crypto members have shown unwavering support for <\/span>BTC<\/span><\/a>, with some even stating that Bitcoin could potentially surpass the value of gold in the future.<\/span><\/p>\n

\u201cBitcoin is going to consume gold. It\u2019s not a matter of if, it\u2019s a matter of when,\u201d a community member <\/span>stated<\/span><\/a>.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price surges despite criticism | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from InfoMoney, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Chief Economist and Bitcoin antagonist, Peter Schiff has made another controversial statement about BTC, comparing the world\u2019s largest cryptocurrency to gold, while expressing skepticism about BTC being lauded as the \u201cdigital gold.\u201d Bitcoin Is \u201cDigital Anti-Gold\u201d In a February 27 post on X (formerly Twitter), Schiff publicly criticized Bitcoin\u2019s 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 \u201cBitcoin is not digital gold,\u201d he has also provided his version of a more accurate description of Bitcoin, characterizing the cryptocurrency as a \u201cdigital anti-gold.\u201d Related Reading: Can Ethereum Touch $4,000? Crypto Analyst Says ETH Rally Far From Over 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.\u00a0 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\u2019s value.\u00a0 The economist has remained critical of Bitcoin’s perceived role as a digital store of value, highlighting that BTC\u00a0buyers 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\u2019s statement about Bitcoin, opposing the Bitcoin antagonist\u2019s views and showcasing their relentless support for the cryptocurrency.\u00a0 Related Reading: Cardano Adoption Explodes: ADA Price Ready To Reclaim $3.1 All-Time High? One crypto community member has asserted that Schiff\u2019s 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 \u201ctech innovation\u201d which has nothing to do with precious metals like gold.\u00a0 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. \u201cBitcoin is going to consume gold. It\u2019s not a matter of if, it\u2019s a matter of when,\u201d a community member stated. BTC price surges despite criticism | Source: BTCUSD on Tradingview.com Featured image from InfoMoney, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":581737,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,5514,656,679,1119,89185,1122,1144,78790,2209,89647],"class_list":["post-580945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-gold","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-gold","tag-gold-news"],"acf":[],"yoast_head":"\nRenowned Economist Says Bitcoin Isn\u2019t Digital Gold, Then What Is It?<\/title>\n<meta name=\"description\" content=\"Chief Economist and Bitcoin antagonist, Peter Schiff has made another controversial 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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\u2019s 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\u2019s 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.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Renowned Economist Says Bitcoin Isn\u2019t Digital Gold, Then What Is It?","url":"http:\/\/wncen.com\/news\/bitcoin-isnt-digital-gold\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-isnt-digital-gold\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/Bitcoin-gold-Small-1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/Bitcoin-gold-Small-1.jpeg?fit=320%2C200"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin gold","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","gold","gold news"],"dateCreated":"2024-02-28T23:00:17Z","datePublished":"2024-02-28T23:00:17Z","dateModified":"2024-06-11T06:50:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Renowned Economist Says Bitcoin Isn\\u2019t Digital Gold, Then What Is It?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-isnt-digital-gold\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-isnt-digital-gold\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Bitcoin-gold-Small-1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Bitcoin-gold-Small-1.jpeg?fit=320%2C200\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin gold\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"gold\",\"gold news\"],\"dateCreated\":\"2024-02-28T23:00:17Z\",\"datePublished\":\"2024-02-28T23:00:17Z\",\"dateModified\":\"2024-06-11T06:50:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/Bitcoin-gold-Small-1.jpeg?fit=320%2C200","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/580945"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=580945"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/580945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/581737"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=580945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=580945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=580945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}