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November 29, 2020

Because Peter Schiff Does Not Agree With Marcus about Bitcoin Being Digital Gold Instead Is Medium Of Exchange

Peter Schiff

Bitcoin is infamously known as the first successful application of Blockchain technology.

Mathew Graham tweeted about an article about Bitcoin published by the State News Agency XinHua.  The peculiarities of Bitcoin and how the BTC transactions and mining work are detailed in the article.  The volatility factor of Bitcoin and about how difficult it was to sustain its stability was well established. 

A false claim reads that the Bitcoin is mainly used for black market transactions. 

The people’s daily called blockchain as a “breaking point” for the country to overtake. The Central State Planner has removed Bitcoin miner from the list of industries that the state wanted to eliminate.

About 1.4 billion people according to Bitcoin CEO Changpeng Zhao were pushing the price of the Bitcoin to $16,000.

David Marcus, the head of Facebook’s cryptocurrency projects looks at Bitcoin as a Digital Gold which has been held back due to its extreme volatility. He re-instated that the total value of Gold does not equal the total value of Bitcoin.  The value of the Bitcoin at $160 billion is 50 times lesser than that of gold.

Marcus previously stated, “People don’t use a unit like digital currency of bitcoin to pay for things just because it’s so volatile. It serves a completely different purpose.”

The price of the Bitcoin after key price resistance and multiple rejections is trending south.  Bitcoin was not able to trend past $9,335 and it is currently trading at $8,680.  This is a 1% drop on a 24 hours basis.

Bob Loukas tweeted:  “If you play the long game in Bitcoin, only way to lose is if #bitcoin‘s promise is never realized or never comes close. That “potential reward” is bigger than most appreciate or can comprehend. The impatient often lose in the end, while still being right on the long term view.”

Depending upon the risk threshold investors might choose to have their money in to Bitcoin or in a couple of other Majors.  However, the current price trends of Bitcoin are playing with the nerves of the miners. Stackers feel that it is a good idea to stack.

Long-term economic freedom according to several investors in the current scenario is provided by the Bitcoin. 

Peter Schiff opines, “Libra’s David Marcus is correct that #Bitcoin is too volatile to be used as a medium of exchange, but he is wrong to call it digital #gold. While Bitcoin is too volatile to be used as a medium of exchange, gold has low volatility, and actually can be used as a medium of exchange!”

Steven Anderson

Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche.

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