• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / “Bitcoin Is Not The New Gold”, Asserts Peter Schiff
bitcoin

“Bitcoin Is Not The New Gold”, Asserts Peter Schiff

December 12, 2020 by Sahana Kiran

The Bitcoin vs Gold narrative goes way back. While the gold lovers continue to side the traditional investment asset, several have been jumping parties after viewing the prospects of Bitcoin. The first and largest cryptocurrency, Bitcoin has witnessed several new members into its ecosystem and quickly went from being called “digital gold” to the “new gold”. However, some members of the financial world are still taking a dig at Bitcoin for being compared with gold.

Bitcoin Not Quite There Yet

The deflationary nature, limited supply, and store of value properties of Bitcoin have got several suggesting that the digital asset is the new gold. Despite the huge disparity in its popularity and market capitalization as well as the rate of adoption, Bitcoin has been deemed as digital gold. Even though the market cap of Bitcoin hit $342.022 billion, it seems almost dainty as compared to the market cap of gold which is over $9 trillion. Albeit this, the strategists of the banking giant JPMorgan Chase suggested that Bitcoin was soon going to take the place of gold.

While Bitcoin is a fairly new asset to the financial world when compared to gold, the king coin has managed to garner several haters. The analysts of JPMorgan suggested that institutional interest from gold was diving into Bitcoin, this analysis was condemned by the prominent Bitcoin skeptic, Peter Schiff as he went on to take a dig at Bitcoin in his latest tweet. Schiff was against the entire new gold narrative as he tweeted,

The latest #Bitcoin marketing gimmick is that lots of private and public companies are trading in their #gold and accumulating Bitcoin as their preferred store of value. Those few companies that are buying Bitcoin did not do so by selling their gold. Bitcoin is not the new gold.

— Peter Schiff (@PeterSchiff) December 11, 2020

Schiff has time again expressed his hate for Bitcoin and his keenness towards gold. He went on to stress the fact that Bitcoin wasn’t the new gold. When a Twitter user hit Schiff with a “reality hurts doesn’t it?” comment, the American stockbroker responded by tweeting,

Bitcoin

 

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), bitcoin and gold

Primary Sidebar

Recent Posts

  • Bitcoin Futures Open Interest Skyrockets To $13B; CME Tops Chart January 17, 2021
  • Litecoin’s [LTC] Buying Volumes Intact Despite Dull Price Action January 16, 2021
  • Kraken Becomes Latest Crypto Venue To Halt XRP January 16, 2021
  • Coinbase’s Latest Initiative To Spruce Up Listing Process January 16, 2021
  • Gemini Follows Coinbase’s Trail; Winklevoss Twins Affirm Going Public Is An Option January 15, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.