Peter Schiff Says Bitcoin (BTC) Needs Gold, But Gold Does Not Need Bitcoin-web3.0-php.cn

Peter Schiff Says Bitcoin (BTC) Needs Gold, But Gold Does Not Need Bitcoin

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Jun 19, 2024 pm 03:03 PM

Peter Schiff, a well-known economist and Bitcoin (BTC) critic, recently expressed his views on the King Crypto in the context of AI giant Nvidia's

Peter Schiff Says Bitcoin (BTC) Needs Gold, But Gold Does Not Need Bitcoin

Economist Peter Schiff, who is also known for his critical stance on Bitcoin (CRYPTO: BTC), recently shared his thoughts on the apex crypto in the context of AI giant Nvidia’s (NASDAQ:NVDA) stellar performance in the stock markets.

Here’s what happened: On Tuesday, Schiff took to X (NYSE:X), formerly Twitter, to share his thoughts on the rise of Nvidia and its implications for Bitcoin. He pointed out that Nvidia, now the world’s most valuable company with a market cap of $3.34 trillion, contains a small amount of gold in each Graphic Processing Unit (GPU) while containing no Bitcoin.

See Also: GameStop's Bitcoin Move Could Transform Digital Commerce: Expert

“Yes Bitcoin needs gold. Gold does not need Bitcoin,” Schiff further stated in response to an X user, Wolf of Weimar, who pointed out that gold was needed as part of GPU mining to produce Bitcoins.

Schiff’s arguments were contested by a user with the pseudonym Perpetual_BTC, who asserted that an asset like Bitcoin shouldn’t have any industrial uses or applications.

“Because its ability to store value should not depend on the swings of the business cycle. Instead, this ability should be derived solely from its sound and incorruptible monetary policy,” the user explained.

Why It Matters: Schiff’s comments come in the wake of his recent criticisms of Bitcoin and its associated spot ETFs. He recently questioned the impact of these investment avenues on the price movement of Bitcoin, noting that despite buying from 11 spot ETFs, its price has remained stagnant for over three months.

Prior to that, Schiff had expressed concerns about the stability of Bitcoin’s market, attributing it to the potential influx of institutional ETF buyers.

Price Action: At the time of writing, Bitcoin was exchanging hands at $65,045.13, falling marginally by 0.08% in the last 24 hours, according to data from Benzinga Pro.

This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

News source：https://www.kdj.com/cryptocurrencies-news/articles/peter-schiff-bitcoin-btc-gold-gold-bitcoin.html

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