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Bitcoin Tops $58k, More Valuable Than A Kilo Of Gold

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Written by   109
1 year ago

After yesterday's "collapse" from more than $ 57,000 to $ 54,000, Bitcoin is back on record, surpassing just $ 58,000 for the first time ...

Source: Bloomberg

Compressed by the price of 1 bitcoin more than the value of one kilogram of gold for the first time ...

Source: Bloomberg

The latest move comes after a debate on Twitter with bullion trader Peter Schiff about the suitability of Bitcoin compared to gold as a value store, said Tesla boss Elon Musk, "you might have a crypto."

As Decrypt reports, Schiff Gold chairman and precious metal retailer Peter Schiff jumped in a tweet published yesterday by Elon Musk, in which the Tesla manager echoed the words and tweet he wrote before Christmas, saying: "Bitcoin is almost like fiat money."

Musk's tweets to his 47.4 million followers greatly influence crypto prices, and he often shares with others in conversations about crypto. In fact, a tweet exchange with MicroStr Strategy manager Michael Saylor is likely to soften the Tesla man near Bitcoin in the first place.

Schiff was able to lure Musk into the conversation by comparing gold to Bitcoin as a value store. Schiff responded to Musk by saying, "I agree, I just think that Bitcoin, which is a digital fiat, is more of a BS than a paper fiat issued by the big banks. #Gold is not BS. Real money and better than both!"

Tesla chief executive responded to Schiff by saying: “An email stating you have gold is not the same as gold. You may have a crypto ":

Musk argued that money in both cases was “a mere figment of the imagination.” He continued: “That data, like all data, is subject to delay and error. The system will turn to what reduces both. ”

Musk argues that technologies such as Bitcoin, enhanced with cryptographic security, could provide more accurate recording methods than the programs we currently have - perhaps better than an email from Schiff Gold stating that you have gold.

Schiff is not alone in his doubts as CoinTelegraph said, many ‘experts’ have raised many controversies against Bitcoin over the past decade. Digital assets have endured many changing cycles, rising sharply in price followed by recurring periods - sometimes seeing a drop of up to 80% or more over time before a resumption.

Gold Attorney and financial analyst Peter Schiff has expressed his skeptical position on Bitcoin on several occasions. "Now that # Bitcoin has reached $ 50,000 I have to admit that an increase of $ 100,000 is undeniable," Schiff tweeted in 2021, adding:

"However, a drop to zero cannot be deducted. While temporary installation up to $ 100K is possible, a permanent move down to zero is unavoidable. If you do not want to gamble buy #gold."

Others also called Bitcoin a bubble, like Russian politician Anatoly Aksakov in early 2021. In addition, Kenneth Rogoff, a Harvard University professor, expressed doubts about BTC in January 2021. The price has gone up, but there is a clear question of what is being used, "Rogoff told Bloomberg. “Is it just because people think it's worth it? That is a ball that can explode, ”he added.

However, even if Bitcoin is not “supported” by anything, it is not associated with the debt or struggle of any particular country. It is man-made, unlimited, and allows users to hold and manage their finances, and work faster around the world. The asset has endured its fair share of problems since its inception, growing in acceptance throughout the cycle.

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Written by   109
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