There have been numerous comparisons between Bitcoin and gold. In fact, a lot of people call Bitcoin, and cryptocurrencies in general, “digital gold.” But are the two things really comparable? How is gold different from crypto? What are the advantages and disadvantages of both?
Peter Schiff was a guest with Nicholas Merten of DataDash and they explored these issues in an in-depth interview. DataDash is a well-known platform for all things related to cryptocurrencies, data analytics & science. Merten is an excellent interviewer and ads his breadth and knowledge of the world of cryptocurrencies to the discussion. They not only talk about cryptocurrencies, they also get into economics, the stock market, Fed policy and more.
The friendly interview features a lot of give-and-take between Peter and Nicholas and will leave you with plenty to chew on and mull over.
We knew it was only a matter of time.
Uncle Sam has suddenly become very interested in Bitcoin.
Over the last several months, we’ve reported on various countries announcing plans to regulate cryptocurrencies. Now Congress is looking to get into the act.
Peter Schiff recently appeared on Ivan on Tech for a wide-ranging interview. Ivan and Peter talked cryptocurrency, gold, government debt, fiat currency, the dollar and more.
Ivan is one of the foremost experts on cryptocurrency. He is an international speaker, blockchain educator, software developer and data scientist.
Ivan and Peter don’t see eye-to-eye on everything, but they did manage to find some common ground. If you are interested in cryptocurrencies and gold, you will find their friendly debate both entertaining and informative.
This hasn’t been a great week in the cryptocurrency world. Facebook announced it is banning all ads that promote cryptos, including Bitcoin. According to Zuck’s people, Facebook has to protect users from “financial products and services frequently associated with misleading or deceptive promotional practices.” By that rationale, Facebook should probably ban all political advertising. At any rate, the announcement sent the price of Bitcoin spiraling downward yet again. It is below $8,000 as I write this.
The Indian government added fuel to the fire, announcing it wants to “stamp out cryptocurrencies.” I say good luck with that. It will never happen. But I’m sure the government will make a lot of people miserable in the process.
So, anyway, a bad week for Bitcoin. And I’ve got some news that’s going to make it even worse for some of you crypto fans out there.
The price of Bitcoin fell below $10,000 this week. It rallied once again and pushed back above that key level, but turmoil continues to plague the world of cryptocurrencies.
We’ve been advising a diversified approach to crypto investing. Recently, Franco-Nevada president and CEO made a similar recommendation.
If you need to hedge your Bitcoin position, buy gold.”
The World Gold Council has weighed in on the cryptocurrency vs. gold debate. Unsurprisingly, the organization came down on the side of the yellow metal. But despite whatever bias you might perceive, the WGC report is certainly worth considering.
There is a lot of talk about Bitcoin versus gold, but the blockchain technology that serves as the foundation for Bitcoin may become an important part of the gold market in the future.
Markets in commodities from crude oil to diamonds and even tomatoes are looking at using the digital ledger technology that underpins cryptocurrencies like Bitcoin — known to some as ‘digital gold’ — to track ownership. Tracing gold supply is key to preventing metal that funds armed conflict from entering world markets, identifying owners and maintaining security from mine to vault.”
Regulatory concerns set off the panic. Bitcoin fell below $10,000 for a time, and other cryptocurrencies saw precipitous drops. Crypto markets appeared to have stabilized Thursday morning, with Bitcoin back up over $11,000.
The sudden plunge served as a reminder of the extreme volatility in the cryptocurrency markets. Bitcoin has seen swings of $10,000 over the last three months. As Bitcoin’s price fell through the floor this week, some investors sought out the stability and historical safe haven of gold.