In a heated live debate hosted by ZeroHedge and hosted on YouTube, billionaire investor Anthony Scaramucci of SkyBridge Capital argued with top analyst Peter Schiff over whether Bitcoin (BTC) or gold serves as a better hedge against inflation.
In a heated live debate hosted by ZeroHedge and hosted on YouTube, billionaire investor Anthony Scaramucci of SkyBridge Capital argued with top analyst Peter Schiff over whether Bitcoin (BTC) or gold serves as a better hedge against inflation.
They were joined by ShapeSchift CEO Erik Voorhees and Nouriel Roubini, an economics professor at New York University.
BTC as digital gold
Peter Schiff, a long-time critic of Bitcoin, opened the debate by arguing that Bitcoin, originally created as a digital currency, does not work effectively due to its slow and expensive nature.
Bitcoin proponents are trying to reposition it as a digital version of gold, Schiff said. Still, in his opinion, it falls short of the intrinsic value of gold derived from its physical properties.
“Bitcoin is no more digital gold than a picture of a hamburger is digital food,” Schiff noted.
He emphasized the tangible utility of gold in industries such as jewelry and electronics, comparing it to Bitcoin, which he believes lacks practical uses and utility.
Regarding the lasting value of gold, Schiff stated that it retains its intrinsic properties over time, serving as a true store of value. He also argued that Bitcoin’s perceived value is simply based on speculative demand and does not reflect any inherent utility or practical applications.
BTC as an asset
Scaramucci responded to Schiff’s argument by highlighting that only 5% of gold’s value is derived from manufacturing purposes, and the majority is attributed to its acceptance as a store of value.
He highlighted that Bitcoin, like gold, has a deflationary aspect due to its fixed supply. Scaramucci sees Bitcoin as “digital gold,” highlighting its portability compared to physical gold.
He also noted that Bitcoin is following an adoption curve that will affect its value for decades, comparing it to the trajectory of technology stocks that became standard over time and contributed to the S&P 500 index.
BTC breaks $63K
Cryptocurrencies rallied on Friday, boosted by a rise in the price of Bitcoin (BTC), sparking optimism that the recent decline may be easing. BTC rose almost 5%, briefly surpassing $63,000.
This increase followed a worse-than-expected April jobs report in the United States, which eased concerns about possible interest rate increases.
