The Bitcoin (BTC) versus gold debate rages on this week as reports reveal fake bars fuelled a $2.8 billion corruption scheme. As Chinese media outlet Caixin reported on June 29 via Nikkei, a loans deal between Chinese financial institutions and Wuhan Kingold Jewelry — with gold as collateral — fell apart when it became known the gold was gilded copper. Schiff: Bitcoin holders are “stupid” According to Caixin, “at least some” of the gold bars involved were simply copper, with the loan lenders seriously out of pocket as a result. “That has left lenders holding the bag for the remaining …

Economist, financial commentator and gold advocate Peter Schiff once again bashed Bitcoin in a tweet, essentially calling it fiat currency — the name for regional currencies, such as the U.S. dollar. "The Fed gets Bitcoin right," Schiff said in a June 20 tweet, adding: "It categorizes it with fiat, in contrast to gold that has real value. It sees nothing new in Bitcoin, just in the way it's exchanged. As confidence in both traditional and crypto fiat is lost, savers will return to gold." The U.S. Fed classified Bitcoin fiat In a June 18 post, Liberty Street Economics, a blog …

The Dash Investment Foundation, which claims to be the first ownerless and memberless investment fund in the world, recently bought its first shipment of physical gold. This move, announced Friday, marks the launch of its Dash-to-gold rebalancing strategy before it is deployed to blockchain startups. The strategy aims to grow the value of the capital held by the DIF. Dash to gold rebalancing strategy The rebalancing strategy was devised by Demelza Hays, the DIF’s investment consultant and an alumna of Forbes 30 under 30. The goal is to accumulate more Dash and more gold through rebalancing the two uncorrelated assets. …

A $1 investment in Bitcoin (BTC) in 2009 would buy a luxury yacht today — but $1 of gold would only buy you a chocolate bar. That was the result of a comparison from statistician Willy Woo, who unveiled his latest tool this week for tracking the largest cryptocurrency’s success. BTC gains: $1 becomes $12.8 million Uploading his findings on Twitter along with his dedicated website, Woobull, Woo highlighted gold’s lackluster returns over the past decade. Despite both gold and Bitcoin gaining in 2020, Bitcoin remains an easy winner out of macro assets both year to date — and all …

The chief executive of crypto-friendly $13 billion custodian Kingdom Trust, Ryan Radloff, sees Bitcoin (BTC) as a manifestation of Austrian economics. In an interview with Cointelegraph, Radloff said that he first encountered Bitcoin toward the end of 2011, adding that he began “hodling and accumulating shortly after.” Bitcoin as Austrian Economics Unlike many early adopters, Radloff stated that it wasn’t the technology underpinning Bitcoin that attracted him to crypto, rather the economic principles that the nascent cryptocurrency embodied. “For me, what drove to Bitcoin wasn’t the technology at all. [...] I had been a student of monetary policy, specifically the …

As the world turns more digital, crypto's pioneer asset Bitcoin (BTC) could take on gold's store of value role, according to the CEO and co-founder of Digital Assets Data, an analytics firm. "I see Bitcoin replacing gold as the hardest money for savers with long time horizons," CEO Mike Alfred told Cointelegraph. "Young people are far more interested in Bitcoin in a world where the economy becomes increasingly online and virtual," he added. Bitcoin has gained significant status since inception Since its launch over a decade ago, Bitcoin has travelled a price path from less than a dollar, all the …

Celsius Network is expanding its partnership with fiat-to-crypto payments provider, Simplex, by enabling its users to buy more crypto with credit and debit cards. Celsius, a major crypto lending startup, now allows its users to purchase gold-backed stablecoin Tether Gold (XAUT) using debit and credit cards. Announcing the news on May 28, Celsius said that the minimum purchase amount for XAUT is $50, while the annual interest rate accounts for 4%. Tether Gold was rolled out for depositing on Celsius app earlier in May Alongside Tether Gold, the new integration with Simplex also unlocks credit and debit card purchases for …

According to a May 26 tweet from a Messari researcher, goldbugs like Peter Schiff have been missing a trick. Over the past year, returns on stocks in gold mining companies have massively outperformed the return on actual gold. Fans of Bitcoin (BTC) however, can rest safe in the knowledge that stock in Bitcoin mining companies has tended to underperform the genuine article. Love gold? Buy a mine At first glance the performance of gold over the last twelve months seems quite impressive, with gains pushing close to 40%. That is, until one considers the stock of gold mining companies like …

On Tuesday, Swiss cryptocurrency financial services firm Bitcoin Suisse introduced precious metal trading against top cryptocurrencies. Bitcoin Suisse has just added gold, silver and platinum for trading on its platform, enabling users to trade the precious metals against major fiat currencies as well as two cryptocurrencies, Bitcoin (BTC) and Ether (ETH). All three types of assets are available for 24/7 trading Announcing the news on Tuesday, Bitcoin Suisse highlighted that precious metals, fiat currencies and crypto assets are available for 24/7 trading with immediate cash settlement. The news comes shortly after Bitcoin Suisse introduced 24/7 trading with fiat currencies on …

Bitcoin (BTC) is not what young investors should buy after the coronavirus crash, says the man who once said that the biggest cryptocurrency faces an “inevitable death spiral.” Speaking to CNBC on May 21, Peter Mallouk, president and chief investment officer at wealth management firm Creative Planning, claimed that stocks and bonds were better options than Bitcoin and even gold. Mallouk: “no need” to buy Bitcoin or gold “There is no need to go over into the speculative world,” he told the network, arguing that assets such as Bitcoin and gold “see a lot more booms and busts.” Basically, we …

President Donald Trump’s nominee for the United States Federal Reserve board of governors is reiterating her advocacy for the gold standard — and adding digital currency into the mix. In an interview on Sunday, Judy Shelton told reporters: “I don’t see it so much as returning [to the gold standard], more like ‘back to the future.’ I think that what a gold standard stands for is monetary discipline for its own sake. Money is supposed to be a unit of account, a reliable measure and a dependable store of value. It really shouldn’t be subject to who’s the chairman of …

Robert Kiyosaki, businessman and best selling author of the book Rich Dad, Poor Dad, has taken to Twitter once again to proclaim his bullish position on Bitcoin. His prognosis? BTC’s price is heading to $75,000 in three years. How Kiyosaki values each asset In a May 16 tweet, Kiyosaki states that his fear of a dying economy has led him to purchase more of three assets that he ostensibly considers valuable outside of the traditional financial system: Gold, Silver, and Bitcoin (BTC). The author’s tweet outlines just how valuable he thinks each asset will be in the coming years. He …