Elon Musk talks gold in his recent tweet while Bitcoin had a huge week and secured over a trillion dollars in the market cap so let’s read more about it in our latest BTC news today.
The crypto’s success has put the gold-to-BTC ratio at an all-time low which means that the price of gold relative to BTC is the lowest that it ever has been. This is quite encouraging for anyone that has long argued that BTC could be a superior store of value to gold. Bitcoin’s high prices caught the ire of the gold bug and the defense of the new BTC Bull. Schiff Gold’s Peter Schiff jumped on the tweet where Elon Musk talks gold and wrote “Bitcoin is almost as bs as fiat money.”
Musk’s tweets usually influence crypto prices dramatically so he engages with others in the comments to talk about crypto. He had a tweet exchange with Microstrategy’s Michael Saylor at first so now it seems that Schiff lured him into a new conversation about comparing gold with BTC as a store of value. Schiff replied that:
“According to @elonmusk “Bitcoin is almost as BS as fiat money.” So Musk regards both #Bitcoin and fiat as BS. I agree, I just think Bitcoin, which is digital fiat, is even more BS than the paper fiat issued by central banks. #Gold is not BS. It’s real money and better than both!
— Peter Schiff (@PeterSchiff) February 19, 2021”
Tesla’s CEO replied by saying:
“An email saying you have gold is not the same as having gold. You might as well have crypto. Money is just data that allows us to avoid the inconvenience of barter. That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.
— Elon Musk (@elonmusk) February 20, 2021”
Musk reasoned that the money in both cases is just data that allows us to avoid inconvenience and said that the data is always susceptible to latency and error, which is why the systems are trying to evolve and minimize both. Musk implied that technologies like BTC that have improved on security could provide error-free ways of making and recording value.
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