Influential economist Peter Schiff questioned Bitcoin’s (CRYPTO: BTC) repeated comparisons to gold on Monday, deeming the apex cryptocurrency “anti-gold” rather than “digital gold.”
What Happened: In his YouTube podcast, Schiff stated that Bitcoin behaves nothing like gold, and is, in fact, more akin to “digital risk” than “digital gold.”
“I mean, if it’s digital gold, it should have something in common with gold. It should trade similarly to Gold. It should have some kind of positive correlation. It doesn’t have any,” Schiff emphasized. “It’s the opposite. It’s anti-gold. So why do we need a strategic reserve of it?”
Schiff even compared Bitcoin with penny stocks, the high-risk equities known for their speculative nature. “If we don’t have a reserve of penny stocks, then why should we have a reserve of Bitcoin?” he asked.
Full story available on Benzinga.com