In the recent downturn in the gold market, the price of Bitcoin, despite some fluctuations, is still close to $50, 000, making it a growing competitor to gold.
Affected by the recent rise in US Treasury yields, gold prices have come under heavy pressure to refresh their lowest level in eight months. The price of Bitcoin fluctuated around $50, 000 after hitting an all-time high.
Peter Schiff, chief executive of Euro Pacific Capital, says he finally understands the people who buy bitcoin.
"Congratulations to those who entered Bitcoin early, pushed up prices and sold at high levels. You succeeded in getting Wall Street into this crazy market. At first I didn't understand why smart investors were stupid enough to buy bitcoin, but I was obviously wrong. "
Mark Cuban, a famous American billionaire and investor, said that "gold is dead" and it's time to take a look at Bitcoin.
"the price of gold is as high as digital money. Do we really need gold ornaments? Gold can be turned into a ring, but Bitcoin technology can be used as a technology in the banking system, with unlimited commercial and personal applications. "
He also said that gold will not change, so it will lose its function as a tool to store value.
"there is also technology behind gold, and the technology of minerals needs to be improved. No matter who has the best technology, there will be the highest efficiency, just like today's digital currency. Gold is dead. It's time to move on. "
But Schiff said gold is a useful metal and "the best money", but Bitcoin is a "complete waste of energy".
He believes that investors have been reluctant to buy gold recently because they are not worried about inflation.
"just because the price of gold is falling and the price of Bitcoin is rising does not mean that Bitcoin can replace the stored-value asset function of gold. In reality, investors do not buy gold because they are not worried about inflation. They think everything is under the control of the Federal Reserve. "
