After “free-falling” from $57,000 to $54,000, Bitcoin has been pushed back to new highs, just going past $58,000 for the first time…
Which has put the price of 1 bitcoin above the price of 1 kilo of gold…
This latest move comes after a debate between Peter Schiff and Tesla CEO Elon Musk on how Bitcoin compares to gold as a store of value. With Musk saying, “you might as well have crypto.”
Musk’s messages to his almost 48 million followers have influenced crypto prices dramatically in the past, and he often responds with others in dialogue about crypto. In fact, a tweet exchange with MicroStrategy CEO Michael Saylor may have pushed him towards Bitcoin to begin with.
Schiff managed to get Musk to discuss the gold vs Bitcoin topic.
Elon then replied to Schiff:
Schiff is not the only one skeptical of Bitcoin. With many experts having expressed numerous arguments against Bitcoin.
The asset has undergone numerous cycles, rising dramatically followed by fast downfall periods — sometimes having almost 80% of its value vanish before continuing its uptrend.
Gold advocate Peter Schiff has shared his skeptical position many times. “Since #Bitcoin has reached $50,000 I do admit it can move to $100,000,” Schiff said in a tweet, going on to say:
“But a move down to zero also can’t be ruled out. A temporary $100K is possible, but a permanent move to zero is inevitable. If you are not a gambler, buy #gold.”