- Mallers defended BTC as ‘better money’ despite Schiff’s disagreement.
BTC had more upside potential than gold on the price charts.
As a seasoned investor and tech enthusiast who has navigated through various market cycles since the dot-com boom, I find myself intrigued by this ongoing debate between digital gold (Bitcoin) and traditional gold. While I don’t claim to have all the answers, my personal experience in observing the evolution of technology and finance leads me to lean slightly towards Bitcoin.
Strike’s Jack Mallers defended Bitcoin [BTC] in a recent debate with Peter Schiff, one of the top crypto critics. There’s been a long-standing argument between gold proponents and their BTC colleagues.
Which is the ‘better money’ between the two? Is it physical gold or ‘digital gold’ (BTC)?
As per Mallers’ perspective, Bitcoin is considered the ‘ideal form of currency’ as it meets all the essential characteristics of money. He stated that…
Bitcoin (BTC) stands as the most exceptional form of currency ever created by humans. It boasts an unmatched scarcity due to its fixed supply, making it highly valuable. Moreover, its portability and divisibility are unparalleled, offering immense convenience. Over a 10-year period, Bitcoin has consistently delivered an average return of around 60%, whereas gold managed only a 2% return during the same timeframe.
Which is better: BTC or gold?
However, Peter Schiff disagreed with Mallers and didn’t view BTC as money. He said,
“I believe Bitcoin doesn’t meet the criteria of being considered as traditional money. For something to be regarded as money, it should have broad market value and intrinsic worth. However, Bitcoin lacks such properties. It is primarily used for trading and speculation rather than everyday transactions like cash or gold.
Schiff acknowledged that BTC has outperformed every asset and commodity in the past decade. However, he noted that gold, especially tokenized gold, was a better alternative to BTC.
According to Per Schiff, it’s possible to transfer tokenized gold at a quicker and less costly rate across the globe compared to Bitcoin, making it a more suitable choice for a digital monetary system.
Instead of paper money, we might establish a digital monetary system based on gold. This would be an improvement over the past when gold served as the foundation for our paper money system.
Instead of Bitcoin, Mallers pointed out that gold often requires the involvement of centralized third parties for transaction completion.
As per Mallers’ analysis, the restricted nature of gold’s scalability within a global economic system ultimately resulted in its de-monetization, rendering it incapable of serving as a true global reserve currency.
He claimed that BTC adoption would have been slow if gold was a solid competitor and world reserve asset.
Consequently, his forecast indicates that Bitcoin might reach between $250,000 and $1 million within the next 12 to 18 months due to increased liquidity and its advanced technological aspects being key factors.
As a researcher, I must admit that I initially doubted Maller’s price predictions for Bitcoin. Yet, if this digital asset were to achieve global acceptance and transform into a leading worldwide reserve asset, I would willingly acknowledge my misgivings about its potential growth trajectory.
Simultaneously, he advised against making risky investments in Bitcoin, pointing out that other assets offered more security with minimal potential for significant losses. Interestingly, he mentioned that gold investors have experienced a 140% increase in value compared to Bitcoin ETF holders after the most recent market fluctuations.
Initially, this statement held validity for a brief period. Yet, if we consider the future, Peter Brandt pointed out that Bitcoin could potentially rise in value.
He cited the bullish pattern on the BTC/GLD ratio chart, which could rally BTC by 123% against gold.
Currently, when this statement is being made, Bitcoin (BTC) ranks as the 10th most valuable asset in terms of market capitalization, boasting a market cap of approximately one trillion dollars. On the other hand, gold holds the number one spot with an impressive market value of nearly seventeen trillion dollars.
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2024-09-09 08:08