Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
The battle between Bitcoin (CRYPTO: BTC) and gold for the title of “ultimate store of value” continues to rage, with well-known gold proponent Peter Schiff squaring off against investing journalist and podcaster Natalie Brunell in a Fox Business debate.
What Happened: The debate saw Brunell defending Bitcoin’s performance and potential against Schiff’s harsh critique.
Schiff opened the discussion with a stark warning, suggesting Brunell should sell all her Bitcoin immediately to avoid greater losses: “If Natalie were smart, she would sell all of her Bitcoin…she’s going to sell it later at a much lower price.”
Brunell responded by highlighting the intrinsic shortcomings of gold and the historical issues it has faced, such as being easily centralized and controlled, which Bitcoin inherently avoids.
She argued, “Bitcoiners don’t feel the need to constantly attack gold because we’re not threatened by gold.”
Brunell outlined Bitcoin's advantages over gold, noting its portability, verifiability and ability to provide instant global settlement makes it a superior option for a digital era.
Also Read: Bitcoin, Stablecoins, Tokenization: BlackRock’s Crypto Strategy Explained
Market Dynamics And Performance Metrics
The debate took place against the backdrop of recent market dynamics where Bitcoin and other cryptocurrencies have seen significant volatility.
Brunell pointed out that despite short-term fluctuations, Bitcoin’s long-term performance has been stellar compared to traditional assets like gold, stocks, and real estate.
“Bitcoin has outperformed gold. In fact, since the recent geopolitical tensions, Bitcoin is up 125% and gold is up only 27%,” Brunell stated, emphasizing Bitcoin’s resilience and growth potential.
Schiff's Stance On Bitcoin And Gold
Schiff remained unyielding, attributing Bitcoin’s high returns to its nature as a “gigantic bubble” and dismissed it as lacking intrinsic value unlike gold, which he praised for its utility and historical role as money.
He expressed his views bluntly: “Bitcoin is really flawed because it doesn’t have any actual value… It’s just a bunch of hype.”
Brunell painted a vision of Bitcoin as a democratic tool that offers hope to the working class, contrasting sharply with traditional systems marred by bureaucracy and special interests.
“Bitcoin does provide hope for us, the working class…we need a system that is for the people.
Bitcoin is for the people,” she declared, making a strong case for cryptocurrencies as not just investment vehicles but foundational elements for a new financial paradigm.
What’s Next: This fiery exchange sets the stage for further discussions at the upcoming Future of Digital Assets conference on Nov. 19, where the debate between traditional and digital assets will be a central theme.
Participants will delve into Brunell's and Schiff's arguments to assess the role of cryptocurrencies in modern portfolios and their potential to act as a hedge against traditional economic challenges.
Read Next: Bitcoin’s Weekend Selloff A ‘Healthy Shakeout,’ Not A Market Crash, Expert Says
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