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,