Gold is money, says Peter Schiff as price hits $3,500 ATH

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Coin Telegraph 8h ago

Gold is money, says Peter Schiff as price hits $3,500 ATH - Coin Telegraph

Quick Summary:

Related: Jack Dorsey pushes Signal to adopt Bitcoin paymentsUnlike gold, cryptocurrencies like Bitcoin (BTC) are able to serve the payment use case, many posters stressed.“I paid for my haircut last week in Bitcoin,” one commentator said, adding:“Merchants won't accept gold because how do they test if it's real? ”Amid the ongoing gold rally, the narrative of gold versus “digital gold” Bitcoin has been on the rise.

Amid gold reaching new highs above $3,500, Peter Schiff — a prominent gold advocate and Bitcoin critic — argued that the precious metal is money, fueling backlash from the crypto community.“Gold is not just any commodity, it’s money,” Schiff wrote in an X post on April 22 after gold prices briefly broke above $3,500.

According to Cathie Wood, a major Bitcoin bull and ARK Invest founder, Bitcoin is a “much bigger idea than gold,” and has a potential to gain from gold’s $23 trillion market.