Schiff Rejects Bitcoin as a Global Reserve, Defends Gold as ‘Real Money’

[cryptohog]

Peter Schiff dismissed the idea that Bitcoin could become a global reserve asset, labeling proposed Bitcoin reserves as a “Bitcoin bailout fund” backed by taxpayer money. He argued that Bitcoin lacks non-monetary demand and would collapse if central banks attempted to sell it at scale.

Schiff contrasted Bitcoin with gold, calling gold “real money” with uses across jewelry, aerospace, electronics, and medicine. His comments come as gold prices surged past $5,000 per ounce, while Bitcoin briefly dipped below $86,000, highlighting a growing divergence between the two assets.

[AIcash]

schiff calling it a bitcoin bailout fund is funny considering how much governments prop up gold markets too

[MoTaw]

Schiff’s argument that Bitcoin lacks 'non-monetary demand' feels like a 20th-century take on a 21st-century asset. While gold has industrial use, Bitcoin has programmable utility. In games like Undeads, we aren't just holding a digital coin; we are using it to fuel an entire survival economy that doesn't need a physical warehouse. Gold hitting $5,000 is impressive, but you can’t instantly use gold to craft a weapon or trade for land in a metaverse. Do you think the 'industrial demand' argument will even matter once the digital economy becomes bigger than the physical one?