U.Today – In a heated live debate hosted by ZeroHedge and published on YouTube, billionaire investor Anthony Scaramucci of SkyBridge Capital asks whether (BTC) or gold acts as a better inflation hedge. I had a heated discussion with top analyst Peter Schiff.
They were joined by ShapeSchift CEO Erik Voorhees and New York University economics professor Nouriel Roubini.
BTC as digital gold
Schiff said Bitcoin's proponents are trying to reposition it as a digital version of gold. Still, in his view, it falls short of gold's intrinsic value, which derives from its physical properties.
“Bitcoin is not digital gold any more than a hamburger image is digital food,” Schiff said.
He emphasized gold's tangible utility in industries such as jewelry and electronics, contrasting it with Bitcoin, which he believes lacks practical use or utility.
Regarding gold's enduring value, Schiff argued that gold retains its unique properties over time and acts as a true store of value. He also argued that Bitcoin's perceived value is only based on speculative demand and does not reflect its inherent utility or real-world application.
BTC as an asset
He emphasized that like gold, Bitcoin has a deflationary aspect because its supply is fixed. Scaramucci considers Bitcoin to be “digital gold” and notes its portability compared to physical gold.
He also pointed out that Bitcoin has followed a adoption curve that affects its value over several decades, likening it to the trajectory of tech stocks that have become the norm over time and contributed to the S&P 500 index.
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BTC surpasses $63,000
Source: CoinMarketCap This surge followed a weaker-than-expected US April jobs report, alleviating concerns about potential interest rate rises.
This article was originally published on U.Today
