- Peter Schiff defends gold as real money, in comparison to Bitcoin.
- Michael Saylor said economists are stuck in an outdated money paradigm.
- Bitcoin enthusiasts feel the world has moved on, and gold is no longer relevant.
Economist Peter Schiff takes a stand for gold in comparison to digital currency such as Bitcoin. Schiff counters a comment made by Bitcoiner Micheal Saylor where he showed criticism towards economists,
Saylor pointed out that economists are trapped in a traditional monetary paradigm that has consistently failed for thousands of years. The Bitcoiner also believes that Bitcoin is an engineered money, without any defects from its predecessors.
In detail, George Selgin tweeted first, “When it comes to making the case that Bitcoin qualifies as “money,” Bitcoiners will try anything–anything, that is, except consulting economists’ standard definition of the term!”.
Consequently , Bitcoiner Michael Saylor felt the need to refute that and declared that economists are still stuck in a traditional paradigm regarding money. According to Saylor, Bitcoin is engineered money, without the defects of every money that came before it.
Meanwhile, Peter felt that the ones dealing with digital currencies are trapped in a bubble, throughout history, gold hasn’t consistently failed as money, it has always succeeded. Schiff further said that:
It’s governments and paper money that have failed, not gold. In contrast, Bitcoin has yet to succeed as money, and never will.
A netizen named Chris Knepper contradicted Schiffstating “I have never seen anyone so willing guard an obviously failed ideology.”
On the other hand, another user by the name Mcrealdeal shared interesting point of view, “why can’t both co-exist? If you want the old paradigm form of money then have your gold.”
The Bitcoin enthusiast believed that because things have changed and the world has moved on, gold is no longer relevant, it is hard to transfer, and it is difficult to store. Lastly, the Mcrealdeal believes that “Bitcoin is the answer to all of these problems.”
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
