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Peter Schiff, a well-known economist and renowned author, has taken another stab at Bitcoin. As he commonly compares the digital asset with gold, outlining its lack of intrinsic value, the expert now says that the precious metal will outperform Bitcoin as the latter will simply crash.

Bitcoin is commonly compared to gold in its property to serve as a store of value. In fact, the Chairman of the US Federal Reserve, Jerome Powell, referred to it as a speculative store of value, just like gold.

This doesnt seem to be the opinion of Peter Schiff, though, as hes been known for refuting Bitcoins value.

He reiterated his views today, once again saying that Bitcoin will ultimately crash back to earth.

Being asked to short Bitcoin as means of putting his money where his mouth is, Schiff explained that hes already betting against the popular cryptocurrency.

I own no Bitcoin and am long lots of gold and silver, and even larger positions in precious metals mining stocks. Thats effectively a big bet against Bitcoin becoming the new gold, or taking a safe have/store of value market share away from gold. He said.

Having many qualities relative to gold, Bitcoin is also commonly referred to as digital gold. Indeed, the cryptocurrency is mined in a sense that it takes work to produce more of it, hence the Proof-of-Work (PoW) consensus algorithm.

Furthermore, Bitcoin is also scarce just as gold. Both assets have a predetermined amount. Theres only so much gold in the earth and so many bitcoins that will be minted. The difference is that we know how many bitcoins there will be (21 million), but not how much gold is left unmined.

Yet, an interesting point was brought up in Schiffs Twitter thread, outlining that gold is archaic, and it used to work for non-digital societies, which ours is not. To that point, Schiff argued that gold only became money about 700 BC. So its actually pretty modern. Plus, its a metal, not a rock. Bitcoin will never be money. Not even cavemen would be dumb enough to accept it.

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Peter Schiff: In The Next Years Gold Will Rise More Than Bitcoin Because Bitcoin Price Will Crash - CryptoPotato