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Peter Schiff wins debate over whether gold is a better store of value than BTC

During the debate, Schiff said that “in reality, Bitcoin and gold have absolutely nothing in common” as gold has value due to its metallic properties while Bitcoin is just a “giant pump and dump. ”

Gold proponent and crypto skeptic Peter Schiff has been crowned the winner of a debate on whether gold is a superior store of value to Bitcoin.

Schiff was facing off against Skybridge founder and former politician Anthony Scaramucci in a debate hosted by Intelligence Squared on Aug 25.

Before the gold vs Bitcoin debate began, a poll scored 38% of the online audience in favor of the precious metal, 26% for BTC and 35% as undecided. Schiff was able to swing a significant number to the precious metal by the end, with final results tallying in at 51% for gold, 32% for BTC and 17% undecided.

Scaramucci kicked things off by asserting that BTC’s value is derived from its network which enables peer-to-peer transactions without a third party. He also suggested that BTC has an edge over gold because of its scarcity and digital properties:

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“In my mind it is a giant pump and dump, where the guys that got in relatively early […] are constantly trying to pump up the market in order to generate a lot of enthusiasm and momentum and FOMO so that they can sell out gradually into this market that they are creating,” he said.

Related: Analysts say Bitcoin price pullback and profit-taking at $50K ‘was expected’

Scaramucci reiterated that the value of BTC is tied to its global network, and that digitization in the next stage of humanity as “software is eating the world.” Schiff stated he would only change his mind if BTC was backed by gold, and was actually used as a currency as opposed to being traded primarily.

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In celebration of his win, Schiff called out BTC proponent and MicroStrategy CEO Michael Saylor in jest:

“I just gotta say one thing. Michael Saylor stop ducking me, I know you’re out there.”

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