Noted economist Peter Schiff said on Tuesday that gold’s intrinsic value stems from tangible properties as opposed to Bitcoin (CRYPTO: BTC), which he deemed “purely subjective.”
Schiff Says Bitcoin Has No Utility Beyond Belief
In an X post, Schiff refuted claims by Bitcoin advocates that gold’s value is subjective.
“Gold has objective value as a metal with conductivity, malleability, corrosion resistance, and real industrial and commercial uses,” the Bitcoin critic stated.
He contrasted this with Bitcoin, which he argued has “no utility beyond belief” and is “purely subjective.”
Widely followed cryptocurrency analyst Willy Woo countered Schiff, stating that the tangible properties instead undermine gold’s role as a monetary ledger. Woo argued that silver is “worse.”
See Also: XRP Drops 8%, But Why Do Technicals Scream ‘Buy The Dip’?
Bullion Market Outshines Bitcoin
Undeniably, Bitcoin has underperformed compared to the two precious metals over the past year or so.
However, over the last five years, the apex cryptocurrency has grown by 385%, far exceeding gold and silver.
| Cryptocurrency | 30-day Gains +/- | 1-Year Gains +/- | 5-Year Gains +/- | Price (Recorded at 9:30 p.m. ET) |
| Bitcoin | -14.89% | -3.65% | +385% | $92,745.81 |
| Gold | +5.58% | +59.88% | +129.64% | $4,225.05/Troy Ounce |
| Silver | +22.08% | +89.29% | +144.04% | $58.5265/Troy Ounce |
Schiff And CZ Ready To Lock Horns
Interestingly, Schiff’s remarks come just ahead of his debate with Binance (CRYPTO: BNB) founder Changpeng “CZ” Zhao at the Binance Blockchain week, which will focus on Bitcoin versus tokenized gold.
CZ poked fun at Schiff, who cheered silver’s rally past $58 and said it’s “just getting started.”
“Warm up debate: according to ChatGPT, silver “started” at least 2600 years ago, around 600 BC, if not 1000 years earlier,” CZ said.
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