On March 14, Peter Schiff, CEO and chief strategist at Euro Pacific Capital Inc., posted on his Twitter account that “Bitcoin is up 20% after the long wait for the Fed to change direction.” %. While gold’s 2.5% gain doesn’t mean bitcoin is a better inflation hedge, both bitcoin and gold are back where they were in February. The difference between the two is that only gold is up Sustainable.”
Just because #Bitcoin surged 20% due to the long awaited #Fed pivot while #gold only rose 2.5% doesn’t mean Bitcoin is the better hedge against #inflation. Both gold and bitcoin prices are only back to February levels. The key difference is that only gold’s rally is sustainable.
— Peter Schiff (@PeterSchiff) March 14, 2023
This tweet shows that Peter Schiff still believes in gold. This time, however, Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, tweeted back, “We know, we know gold is almost as good.”
we know. We know gold is almost as good. 😂
— CZ 🔶 Binance (@cz_binance) March 14, 2023
Although not very direct, this reply already shows that in CZ’s view, Bitcoin is more resistant to inflation than gold. Seeing That Gold Can Expect Inflation ‘As Good As Bitcoin’
Bitcoin is a cryptocurrency created specifically to fight inflation, as there is a limited supply of Bitcoins and no more can be produced. With no one behind the scenes, Bitcoin is seen by the cryptocurrency community as a tool against inflation. Until the phrase “Bitcoin is Crypto gold” appeared.
Gold has long been used to store the value of fiat currencies. It has become the commonly used gold standard by being used as something by which the value of that currency can be measured. Although some countries once stopped using the standard. As happened in England in 1931.
After Peter Schiff’s tweet, the cryptocurrency community expressed their displeasure. One reason is that Peter Schiff has long been vocally opposed to Bitcoin. Until it became a well-known meme on the Internet that made the cryptocurrency community not believe his words.
— Dan Held (@danheld) March 14, 2023
However, many Twitter users are still skeptical. Can’t Investors Hold Bitcoin and Gold at the Same Time? Because gold and bitcoin each have their own advantages and disadvantages.
Choosing Bitcoin or Gold may not always be necessary. Because both bitcoin and gold have the same purpose: to hedge against the current inflation that is happening around the world.
Source of information: Compiled from SIAMBLOCKCHAIN by 0x Information.Copyright belongs to the author Sureeporn, without permission, may not be reproduced