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06 March 2021

Elon Musk on Gold: "You Might as Well Have Crypto" - Decrypt

Elon Musk on Gold: "You Might as Well Have Crypto" - Decrypt


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Elon Musk on Gold: "You Might as Well Have Crypto".

This is an encouraging sign for those who have long argued that Bitcoin may bea superior store of valueto gold.

Schiff Gold chairman and precious metals dealer Peter Schiff jumped on a tweet published yesterday by Elon Musk, in which the Tesla CEO echoed verbatim atweet he wrote before Christmas, saying: “Bitcoin is almost as bs as fiat money.” .

Schiff managed to lure Musk into a conversation about comparing gold with Bitcoin as a store of value.

Schiff replied to Musk that,  “I agree, I just think Bitcoin, which is digital fiat, is even more BS than the paper fiat issued by central banks. #Goldis not BS.

Musk is implying that technologies such as Bitcoin, beefed up by cryptographic security, could provide more error-free ways of recording value than the systems we currently have in place—perhaps even better than an email from Schiff Gold saying that you have gold.

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