Famous economist says Bitcoin is not digital gold, so what exactly is it?

php Editor Banana Recently, a well-known economist commented on Bitcoin, saying that it is not digital gold. The remarks sparked widespread discussion, with many questioning the nature of Bitcoin. What exactly is Bitcoin? What is its real value? In this era of digital currencies, it is necessary for us to deeply explore the nature and future development trends of Bitcoin.

Bitcoin is the “digital anti-gold”

In a February 27 post on things. While the renowned economist stated that "Bitcoin is not digital gold," he also offered his own version of a more accurate description of Bitcoin, describing the cryptocurrency as the "digital anti-gold."

Back in November 2023, ARK Invest CEO Cathie Wood declared that Bitcoin is digital gold and confidently stated that she would rather bet on Bitcoin than gold. Likewise, MicroStrategy Chief Executive Officer (CEO) Michael Saylor and VanEck CEO Jan van Eck also confirmed that Bitcoin is the ultimate store of value.

These views and comments from prominent Bitcoin investors and major cryptocurrency supporters are clearly contrary to Schiff’s views on Bitcoin. The global strategist is known for his opposing views on the value of Bitcoin and other cryptocurrencies, often criticizing the value of these digital assets and informing the broader crypto community on the risks associated with cryptocurrencies while extolling the value of gold. .

The economist has been critical of Bitcoin’s role as a digital store of value, stressing that Bitcoin buyers should hope for continued control of inflationary pressures and continued strength of the U.S. dollar (USD) against other fiat currencies.

The cryptocurrency community was quick to express their personal opinions on Schiff’s remarks about Bitcoin, opposing the views of the Bitcoin opponent and demonstrating their unwavering support for the cryptocurrency.

A member of the cryptocurrency community claimed that Schiff’s remarks about Bitcoin lacked a theoretical basis and were purely based on basic misunderstandings and fears about Bitcoin’s value and potential. Another member highlighted the differences between gold and Bitcoin, describing the cryptocurrency as a "technological innovation" that has nothing to do with precious metals like gold.

Most cryptocurrency members have shown firm support for Bitcoin, with some even saying that Bitcoin may exceed the value of gold in the future.

One community member said, “Bitcoin will replace gold. It’s not a question of if, it’s a question of when.”

Bitcoin price surges despite criticism | Source: Tradingview.com BTC/USD Chart

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