TV presenter and former trader Max Kaiser, among others, entered into a confrontation with supporters of gold, who reacted sarcastically to the rise of bitcoin to $ 11,000.
For example, the famous economist and proponent of the yellow metal Peter Schiff, who has previously repeatedly criticized cryptocurrency on Twitter and in conversations with the press, wrote: “It doesn’t matter how high bitcoin rises if you don’t sell. Every buyer will have to sell in order to profit from this growth. But there is a problem here. As soon as the holders decide to exit, the price falls, destroying paper profits even before they are realized. “.
Where is your gratitude, Peter? – wrote in response to this Kaiser. – Thanks to Bitcoin, gold was surrounded by a halo of hard currency. Bitcoin spurred interest in hard currencies, which helped gold rally. The Bitcoin community now understands money and its history better than the gold community. This coup is relatively recent and explains why gold advocates are in trouble now. “.
“The demand for bitcoin comes only from speculators,” Schiff retorted. Analyst Vijay Boyapati replied: “The lion’s share of the price of gold is overpayment, just like Bitcoin. Industrial use in no way justifies this overpayment. The overpayment is based on the ability to function as a store of value, where bitcoin outperforms even gold. “.
Schiff was supported in this dispute by Roy Sebag, the founder of the precious metals storage company Goldmoney. He also considers the arguments of bitcoin supporters unconvincing..
Another clash of the representative awaits us next week cryptocurrency industry with a supporter of the old school – CEO of the largest crypto-derivatives exchange BitMEX Arthur Hayes and renowned economist Nouriel Roubini will meet during the Asian Blockchain Summit.
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