Bitcoin is facing serious criticism due to ongoing fluctuation in the market by the supporters of gold. Verbal war between the metallic and digital assets can be seen very commonly between their lovers on various platforms. Recently Bitcoin has grasped support from some really big names such as the chief executive of BlackRock, Larry Fink, and hedge fund expert Stanley Druckenmiller.
With the passage of time Bitcoin has turned many criticizers to supporters who now consider BTC as Digital Gold but some of them still show their distrust towards crypto assets. One of those critics is Euro Pacific Capital’s Peter Schiff who has remained steadfast in his opinions.
Recently Twitter witnessed a tug of war between investor Mark Cuban and Oliver Renick from TD Ameritrade when they rendered support to their favorites. Renick showed his disappointment towards digital currency while Mark continued supporting Bitcoin.
Renick opined in a tweet that Bitcoin has failed to show progress towards being digital gold. He questioned his followers if they are still hopeful for progress in the future.
Mark Cuban came up with some reasons which prove why we should keep supporting cryptocurrency. He said that it is better compared to gold because it is easy to buy, store, transfer, and trade. In addition, its sale and purchase don’t require a middleman.
Replying to Mark Cuban, Oliver Renick said that Bitcoin’s progress is under doubt as its relation with interest rates is still random since day first. A report published by Renick shows that Bitcoin lacks trends as it is too random, impossible to forecast. In the past 9 years, it has seen ups and downs continuously and lacks consistency.
In response, Cuban used harsh words and called gold ‘useless’. He said that they are similar to each other as both are connected in the supply and demand chain but BTC is far better at its job when it is compared with gold.
Renick told that gold is highly consistent with real interest rates and BTC will have to do the same otherwise there is no logic to call it digital gold.
Cuban agreed that presently gold has a much higher demand than Bitcoin but the scenario will change when people will have a better understanding of Bitcoin. This will be the time when gold will shrink like cotton.
Having an eye on the aforementioned characteristics, it can be said that that people have their own reasons to support and justify their likes. Gold is much safer but if you want to take risks for the sake of a much bigger gain then you should definitely be on the side of Bitcoin.