By Jeff Paul
Everyday, Bitcoiners attack Goldbugs on Twitter as if they’re the enemy.
Here is a recent example:
https://twitter.com/BullyEsq/status/1338146662351564800
To be fair, the loudest goldbug, Peter Schiff, relentlessly trolls Bitcoiners and they always take the bait.
Since @michael_saylor made the mistake of publicly announcing his $650 million Bitcoin buy in advance, traders can buy first, pushing up the price of #Bitcoin now so they can sell later at a higher price, potentially leaving Mircrostrategy shareholders as the ultimate bagholders.
— Peter Schiff (@PeterSchiff) December 13, 2020
In truth, they are both bag holders hoping number go up. And they’re both probably right.
Bitcoin tribalists march to these tweets like good soldiers to slay anyone who thinks gold is a good store of value – as if gold threatens bitcoin in some way. Even though they likely agree over 95% on the economic and monetary problems, they fight over which hedge is better – as if everyone is in the same circumstance.
Imagine telling a retired boomer to put all their savings into Bitcoin in December 2017. Context and circumstances matter. Sure, they may get rich with Bitcoin, but they also don’t have time to recover if they lose big.
On his podcast, Schiff recently said “no one wants stocks or investments, they want the goods and services they can purchase at a later date.” The same could be said for bitcoin and gold, though Schiff would argue gold can be also be used as jewelry and in electronics, etc.
While bitcoiners are busy fighting goldbugs, they invited vampire banks and governments to the party, central banks prepare their digital currency “solutions,” and other cryptocurrencies are eating Bitcoin’s (BTC) lunch in terms of functionality.
Goldbugs aren’t a threat to bitcoiners. Governments, commercial banks, VISA, Venmo and more dynamic cryptocurrencies are a threat to Bitcoin. And if you think those entities are threatened by Bitcoin because it has a limited supply like gold, then you’d be wrong.
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Jeff Paul is the founder of Coinivore.com and co-founder of Counter Markets.