Ever since Bitcoin started transitioning from currency of the dark web to an asset that was accruing in value, it has drawn comparisons with Gold. Gold has long been a safe haven store of value, and something that will – slowly – make you money, but is it becoming outdated.
Many believe that Bitcoin is the next evolution in Gold – labeling it Digital Gold – however, those who still strongly believe in Gold stick with the precious metal based on its more definitive value and growth patterns; especially compared with Bitcoin and its famed volatility and speculation.
This recent clash of ideologies towards an investable asset has once again caused a public spat to emerge. This time it is between Bobby Lee, who recently returned to the crypto space with a new hardware wallet, and Gold bug Peter Schiff.
Schiff has been wading into more and more cryptocurrency debates of late, trying to warn investors away from the speculative investment, He again took to Twitter to lambaste the crypto community after Lee made an audacious price prediction for Bitcoin.
Lee technically evoked Schiff first, as the CEO and chief global strategist of Euro Pacific Capital is a big supporter of Gold, and the former BTCC founder said Bitcoin would take its spot as an asset.
According to Lee, Bitcoin’s market cap is $160 billion, while Gold is at $8 trillion total market cap, which is fifty times more than bitcoin’s. Lee thinks that a complete reversal could occur in something as early as nine years of time. His Tweet reads:
“I predict the #flippening will happen within 9 years and $BTC will shoot up past USD $500,000.”
The Tweet was picked up by a number of publications, and it saw Schiff quote one of these stories and go on to slate Lee for making such a dangerous prediction which Schiff felt could get the speculative market buzzing again.
“It’s nonsense like this, that is actually taken seriously, that keeps the hodlers on board while the whales quietly abandon ship. Bitcoin Price Will Hit $1 Million After ‘Two More Bubbles’: Bobby Lee,” Schiff retorted.
It is a tough situation to be in for Schiff’s point is valid and the speculative investment in Bitcoin should not be taken lightly – it was the reason for the 2017 bubble. However, the performance of Bitcoin in the last six years – nearly sixty percent of its existence, has seen it outperform even the S&P 500.