Due to the volatility of fiat and other forms of regular money, investors have been seeking assets that can protect their wealth and act as a hedge against inflation since the invention of money itself.
For the longest time, Gold has historically been the preferred option for many investors due to its long history as a store of wealth, and a means of exchange.
However, Bitcoin has entered the fray, and experts/investors have been at each others' throats for more than a decade.
From shrimp to fish to sharks and whales or institutional investors, bitcoin is becoming more and more popular, due to its scarcity, and resistance to censorship.
Many have even argued that Bitcoin is superior to gold.
Still, not everyone is convinced by Bitcoin's merits.
Several critics, including prominent economist and gold advocate Peter Schiff, have bashed the flagship cryptocurrency incessantly, even dragging billionaire investor and entrepreneur Mark Cuban and CEO of MicroStrategy into one of his Twitter tirades.
Schiff and Cuban have been bashing each other on social media, particularly Twitter for years, where they have discussed their differing opinions about Bitcoin and gold.
Cuban has dismissed Schiff as being "ancient" and unwilling to move with the world, while Schiff accused Cuban of ignorance and irrationality for choosing Bitcoin.
The price of Gold according to data from SPDR Gold Trust GLD statistics, the price of Gold has been tearing upward, even hitting a record high of $2,110 per troy ounce on Monday this week (gold has moved further to $2,135 as of the time of writing).
Schiff even took to Twitter to say that Cuban is a "shark swimming in the wrong tank."
Schiff didn't stop criticizing Bitcoin after Cuban.
The economist continued by criticizing MicroStrategy and Michael Saylor, one of the most outspoken and aggressive business adopters of Bitcoin.
As part of its treasury reserve plan, MicroStrategy has amassed approximately 193,000 bitcoins since August 2020, which is valued at over $12 billion at current rates according to BuyBitcoinWorldwide
Saylor has defended why he buys so much Bitcoin by arguing that in comparison to cash and other conventional assets, Bitcoin is a better asset class with larger rewards and fewer risks.
Moreover, he has stated his belief that Bitcoin is the most powerful and revolutionary technology of the twenty-first century and that it will bring about significant global change.
Schiff, however, has informed Saylor and his investors that their "buy all the Bitcoin" strategy is reckless and certain to fail.
He has maintained that Bitcoin is a speculative, volatile asset that has no inherent value. Additionally, he has asserted that Saylor is endangering the future of his company and is risking bankruptcy.
Schiff tweeted on Tuesday, saying, "Bitcoin will kill Saylor and sink MicroStrategy," following the company's announcement that it would be selling $600 million in convertible senior notes to obtain additional money to buy more Bitcoin.
Schiff claimed that Saylor is further damaging himself and his business with this action, which shows desperation.
Saylor has not yet replied to Schiff's tweet, but he has said in the past that he is confident in his strategy's long-term success and is not concerned about Bitcoin's price changes. Additionally, he has stated that he has sufficient cash flow and liquidity to maintain his holdings without being leveraged.
The ongoing debate between supporters of Bitcoin and gold shows the larger conversations and problems in the financial industry.
Bitcoin and gold offer benefits and drawbacks.
Moreover, gold has a historical record of being a dependable and long-lasting store of wealth due to its scalability, accessibility, and inventiveness are all constrained.
However, on the flipside, Bitcoin is a solid investment as well, because it is a secure and censorship-resistant digital asset.
Overall, the decision between gold and Bitcoin may boil down to the personal tastes, risk tolerance, and risk appetite of investors.
While some may prefer one asset over the other, others may choose to have both in a balanced portfolio, indicating that gold and Bitcoin complement, rather than contradict one another.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.