Bitcoin is worth more than its weight in gold - Safe havens are popular these days amid the inflation risks that are hanging over fiat currencies more than ever. Despite being the 'new kid' in the store of value category, Bitcoin is proving to be the most attractive of all right now.
17.5 ounces of gold for a single bitcoin
The year 2020 will have been trying for all workers on the planet, with anxiety-provoking news dominated by the health crisis (then the economic crisis) of the Coronavirus.
2 assets however fared well and experienced new all-time highs (ATH) in their valuation this year: gold and Bitcoin.
However, if gold was the quickest to rebound after the crisis - exceeding $ 2,000 an ounce (31.1 g) - as of last summer, it is indeed the king of cryptos who ended the year in a bullish fireworks display.
As Bitcoin.com reports, it has never taken so much gold to buy a bitcoin. Indeed, on the day of January 3, 2021, while an ounce of gold was trading at nearly $ 1,945 per ounce, the price of BTC reached a new ATH above $ 34,000. .
At that point in time, therefore, it took approximately 17.5 ounces of the precious metal to obtain a single copy of the digital asset.
Bitcoin's "insolence" towards gold that infuriates some
With his many admonitions to the King of Crypto, there is little need to introduce Peter Schiff. This old-school millionaire and investor is as much a fan of gold as he is an opponent of Bitcoin.
In one of his latest tweets, he can't help but criticize, once again, Satoshi Nakamoto's invention:
The only valid reason to buy Bitcoin is thinking the bubble will get much bigger before it bursts. Most #Bitcoin buyers don't know it's a bubble so they will never sell. But since most who do will be unable to tell when it's popped, they're also unlikely to get out with a profit.
— Peter Schiff (@PeterSchiff) January 2, 2021
To try to understand our favorite gold metal fanatic, you have to listen to his main point. For him, gold is the only store of value because people who buy the precious metal now "may sell it in the future" to buyers who "really need" to use gold as the metal.
Conversely, for the millionaire, Bitcoin would be a game of pure speculation, where investors simply hope that they can sell their BTCs at a higher price to people who, in turn, hope for the same thing later.
In the end, this bickering does not take into account the most essential element. Indeed, whether one chooses Bitcoin or gold, the goal is above all to protect against the risk of collapse of fiat currencies by hyperinflation. To counter this, the digital asset and the precious metal seem like smart choices, but one horse might just be faster than the other.
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