What is Bitcoin? The Gold Standard or an Asset with no Prospects?
Recently, various opinions have been expressed towards Bitcoin. One says Bitcoin is a digital gold, the other says it does’t have any future and we should buy a gold instead. Consequently, comes into question: What is Bitcoin? The Gold Standard or an Asset with no Prospects?
Patrick McHenry, the U.S. Representative for North Carolina’s 10th congressional district, noted Bitcoin is the gold standard & the original actor here.
To the question if he thinks Bitcoin is closer to a distributed non centralized cryptocurrency than Libra could hope to on CNBC, he said: “Satoshi Nakamoto or whoever wrote the Bitcoin whitepaper, outlined the nature of this. It [Bitcoin] is the original actor here, it’s the gold standard. It’s digital gold.”
On the other hand, Peter Schiff, CEO & chief global strategist of Euro Pacific Capital Inc., had some comments on the widespread opinion that he hates Bitcoin. stressing out that Bitcoin will not work as money and anyone who bets on it, will lose. On his Twitter account he mentioned:
People need to stop referring to me as a “Bitcoin hater.” I don’t hate Bitcoin. There is nothing there for me to hate. I just don’t believe that #Bitcoin will work as money, and that people who are betting that it will are going to lose a lot of theirs. Just buy #gold instead!
— Peter Schiff (@PeterSchiff) October 23, 2019
Bitcoin official Twitter account didn’t let this opinion without comments giving a quite interesting answer: “Drop gold. Buy Bitcoin.”
In a word, despite all the opinions, only the future will show what Bitcoin is and where it will finish.