Bitcoin (BTC) loses to gold when it comes to how easy it is to transport and confiscate, says Peter Schiff.
In a July 29 tweet, the gold bug and the infamous Bitcoin skeptic claimed that it was easier to move and preserve ownership of the precious metal.
Gold is “absolutely transportable”
“Gold is absolutely transportable and more difficult to confiscate than Bitcoin,” wrote Schiff.
The comment sparked an instant reaction, with BTC advocates immediately highlighting gold’s shortcomings.
In addition to being physically bulky and therefore more difficult to transport, gold has been extremely difficult to store in private. As Saifedean Ammous noted in his popular book, “The Bitcoin Standard,” the government’s confiscation of gold in the early 20th century ended individual sovereignty based on physical gold reserves.
Schiff did not back up his claims about gold immediately, but is already known for his support of gold as a superior asset to any cryptocurrency.
Bitcoin vs gold 3-month chart. Source: biased
As XAU / USD is hitting record levels of $ 1,958 against the US dollar, Schiff was in a festive mood, having little time for arguments in favor of Bitcoin during a debate with Morgan Creek Digital co-founder Anthony Pompliano this weekend.
However, responding to his tweet, Robert Breedlove, CEO of Parallax Digital, was not so forgiving.
“Literally every American dollar that exists is the echo of confiscated gold,” he replied, referring to twentieth-century government policy.
Price records fuel Google’s interest
However, the USD’s successes in gold have served him well when it comes to general attention. According to Google Trends data, search interest in “How to Buy Gold” skyrocketed when all-time highs appeared.
Bitcoin has also increased its advertising profile, but gold has seen a divergence in the past week.
Comparison of Google search interests. Source: Google Trends
As Cointelegraph reported, BTC / USD hitting annual highs of $ 11,400 has surprised analysts, but has yet to translate into a new test of all-time highs of $ 20,000.
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