Altcoin News: Crypto Community Members Criticize Supporters of Gold Because of Attacks on Bitcoin

June 24, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The TV presenter and former trader Max Kaiser, among others, entered into a confrontation with supporters of gold, who sharply reacted to the rise of Bitcoin to $11,000.

Thus, the famous economist and advocate of the yellow metal Peter Schiff, who had repeatedly criticized cryptocurrency on Twitter and in conversations with the press, wrote:

“It doesn’t matter how high the price of Bitcoin rises unless you sell. Every buyer must eventually sell to realize any benefit from the rise.” “But therein lies the problem. Once hodlers decide to cash out, the price collapses, wiping out paper gains before they can be realized!” “Where’s the gratitude, Peter? Bitcoin has given Gold a hard money halo; igniting interest in hard money again, driving the price of Gold higher,” Keiser responded.

In a further Twitter post, he added:

“The (bitcoin) community now has a greater understanding of money and monetary history than the Gold community. This ‘flippining’ is relatively recent, and it explains why Gold Bugs are struggling right now.” “The only demand for Bitcoin comes from speculators,” Schiff further claimed this week, to which analyst Vijay Boyapati replied: “The vast majority of gold’s price is monetary premium, just like Bitcoin. Industrial use does not protect that premium in any way. The premium is based on suitability as a store of value where Bitcoin excels over even gold.”

Schiff was supported by Roy Sebag, the founder of Goldmoney Precious Metals Storage Company. He also considers the arguments of supporters of Bitcoin unconvincing.

Next week, another clash of a representative of the cryptocurrency industry with a supporter of the old school is waiting for us — during the Asian blockchain summit, the CEO of the largest crypto-derivative BitMEX exchange Arthur Hayes and renowned economist Nouriel Roubini will meet.

Author: Marko Vidrih