While not exactly Lincoln vs. Douglas, perma-gold bull Peter Schiff squared off against Bitcoin bull Brian Kelly in a lively, no-holds-barred debate about what is the better investment on Monday's "Fast Money" on CNBC.

Bitcoin "is digital fool's gold — today's bitcoin could be tomorrow's Beanie Babies," said Schiff, who serves as CEO of Euro Pacific Capital. On the other hand, "gold had a long value of intrinsic value before it was money."

Both gold and Bitcoin have surged as a result of political and economic uncertainty in the U.S. and abroad. Bitcoin hit an all-time high on Monday; gold is up 9 percent in 2017.

Despite the rally, Schiff sees even more gains ahead for the yellow metal, noting to clients that the commodity is "climbing a wall of worry."

However, "Fast Money" trader Brian Kelly believes the prospects in gold pale in comparison to the opportunities that Bitcoin will soon offer investors.

"Bitcoin is more than digital gold," explained Kelly. "It's a technology platform that [financial technology] is being built off of. ... It is a once-in-a-generation investment opportunity."

With this in mind, Kelly added that the crypto currency represents a once-in-a-generation investment opportunity. Furthermore, Kelly views Bitcoin as a platform wherein global financial systems will undergo major upgrades.

"Not since the internet has so much been built on top of a platform," exclaimed Kelly. "Bitcoin technology is following the same exponential growth trajectory as the internet."

In the past year, Bitcoin in U.S. dollar terms have soared 176 percent.