The founder and chief strategist of Euro Pacific Capital noted that gold rose by 3% over the previous weekend from Friday to Monday. Meanwhile, the average price of BTC fell by 3%. The investment wizard provided the reader with the opportunity to conclude that Bitcoin cannot be a digital version of gold.
Bitcoin representatives in online communities compare it to gold, but by analogy. No one except Peter Schiff seems to be confused about whether BTC is some kind of gold certificate or ETF.
In other words, Bitcoin has a limited supply, and any participant in the network must spend the electricity and computing time necessary for the BTC application to produce a new coin.
But gold has no intrinsic value. It has instrumental value as a financial commodity due to the special properties of its nature and the economy of our planet.
The rarity, durability, fungibility, and chemical identification of gold make it a financial classic of human civilization. The creator(s) of Bitcoin designed it to realize all four of these properties in a free, open, public, limitless, networked database.
As for BTC versus gold in terms of their performance as financial investments, Bitcoin was created to provide its owners relief from the overheated printing presses of central banks. Traditionally, people like Mr. Schiff have used gold for this purpose.
But Bitcoin has yet to fail to justify gold's reputation as a fiat safe haven. In fact, it has proven itself even better than the yellow metal in most timeframes relevant to most types of investors.
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