Bitcoin (BTC) loses against gold when it comes to how easy it is to transport and how difficult it is to seizesays Peter Schiff.
In one Tweet As of July 29, the gold optimist and notorious Bitcoin skeptic claimed this It was easier to move and preserve the property of the precious metal.
Gold is “absolutely portable”
“”Gold is absolutely portable and more difficult to seize than Bitcoin“Schiff wrote.
The comment triggered an immediate reaction; BTC advocates immediately highlighted the shortcomings of the gold.
In addition to being physically bulky and therefore more difficult to transport, Gold has long been extremely difficult to store privately. As Saifedean Ammous indicated in his popular book “The Bitcoin Standard”, government seizure of gold ended individual sovereignty based on physical gold reserves in the early 20th century.
Schiff did not immediately confirm his claims about gold, however is known for supporting gold as a superior good over any cryptocurrency.
Bitcoin chart versus 3-month gold. Source: Skew
While XAU / USD hits record highs of $ 1,958, Schiff felt like celebrating and had little time to argue in favor of Bitcoin during a conversation with Anthony Pompliano, co-founder of Morgan Creek Digital, this weekend.
However, In response to your tweet, Robert Breedlove, CEO of Parallax Digital, wasn’t that forgiving.
“Literally Every existing US dollar is the echo of confiscated gold“he replied, referring to government policy in the 20th century.
Price records arouse Google’s interest
Gold’s success has helped to draw the attention of public opinion. According to Google Trends data Search interest in “How to Buy Gold” grew when all-time highs were recorded.
Bitcoin has also increased its advertising profile, but gold has been falling apart in the past week.
Comparison of Google search interest. Source: Google Trends
As Cointelegraph reported The fact that BTC / USD hit an annual high of $ 11,400 surprised analysts. But it’s not yet reflected in a repeat of the all-time highs of $ 20,000.