They were joined by the CEO of ShapeSchift Erik Voorhees and Nouriel Roubini, a professor of economics at NYU.
Bitcoin proponents are attempting to reposition it as a digital version of gold, Schiff said. Still, in his view, it falls short of gold’s intrinsic value derived from its physical properties.
“Bitcoin is no more digital gold than an image of a hamburger is digital food,” Schiff noted.
He emphasized gold’s tangible utility in industries like jewelry and electronics, contrasting it with Bitcoin, which he believes lacks practical uses and utility.
Regarding gold’s enduring value, Schiff asserted that it retains its intrinsic properties over time, serving as a genuine store of value. He also argued that the perceived value of Bitcoin is merely based on speculative demand and does not reflect any inherent usefulness or practical applications.
He emphasized that Bitcoin, like gold, has a deflationary aspect due to its fixed supply. Scaramucci views Bitcoin as “digital gold,” noting its portability compared to physical gold.
He also pointed that Bitcoin is following an adoption curve that will impact its value over decades, likening it to the trajectory of tech stocks that became standard over time and contributed to the S&P 500 index.
Source: CoinMarketCapThis surge followed a cooler-than-expected U.S. April jobs report, which alleviated concerns about potential increases in interest rates.
This article was originally published on U.Today
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