Peter Schiff claims that BTC is digital money, but not "digital gold"

Recently, Peter Schiff fiercely criticized the claim that Bitcoin is "digital gold" in a post on X. He mentioned that in recent times, the price of gold has risen by 3%, while Bitcoin has fallen by 3%. Therefore, he concluded to his readers that Bitcoin is not a digital version of gold at all. However, this viewpoint may not be entirely accurate.

Bitcoin enthusiasts like to refer to Bitcoin as "digital gold," but this is just a convenient metaphor for understanding. In reality, very few people, apart from a few experts (such as the famous critic Peter Schiff), are really concerned about whether Bitcoin is gold or a gold ETF.

The initial analogy between Bitcoin and gold comes from Satoshi Nakamoto's description in the Bitcoin white paper. He mentions that the supply of Bitcoin will increase steadily, much like gold mined by miners. However, unlike gold miners who rely on natural resources, the creation of Bitcoin requires everyone to contribute computing power and electricity.

Despite Schiff's comments that gold has 100% intrinsic value, while Bitcoin is 100% faith, we must say that gold itself does not possess intrinsic value. It is regarded as a financial commodity because of its unique properties and its special status in the economic system.

However, the scarcity, durability, divisibility, and recognizability of gold make it a classic financial asset in human civilization. The designers of BTC also hope to realize this vision in a free and open network.

From an investment perspective, Bitcoin was created to help people break free from their reliance on central banks' excessive money printing. Although traditional investors like Schiff still tend to choose gold as a safe haven, Bitcoin's long-term performance has not disappointed, even surpassing gold during certain periods. This has also instilled confidence in the future of BTC!

In summary, Peter Schiff supports the intrinsic value of gold and devalues Bitcoin as a belief system; while Bitcoin supporters emphasize its decentralized and digital asset properties, which cannot be underestimated in the modern financial system. Although it remains to be seen whether Bitcoin can become "digital gold," it is reshaping our understanding of currency, value, and investment.

#比特币 # gold #加密货币 # Digital Money