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In brief

  • Bitcoin secured a market capitalization of $1 trillion this week.
  • The bull run was catalyzed by a $1.5 investment by Tesla.
  • Gold bugs like Peter Schiff remain skeptical.

It’s been a huge week for Bitcoin. The digital currency secured over a trillion dollars in market capitalization this week, making up the bulk of the crypto market’s total market capitalization of $1.7 trillion. 

The currency’s recent success has also put the gold-Bitcoin ratio at an all-time low, meaning that the price of gold relative to Bitcoin is the lowest it’s been since Bitcoin came into existence. This is an encouraging sign for those who have long argued that Bitcoin may be a superior store of value to gold.

Bitcoin’s high prices caught the ire of a gold bug—and the defense of a newly-formed Bitcoin bull. 

Bullion dealers are on the defensive

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 a tweet he wrote before Christmas, saying: “Bitcoin is almost as bs as fiat money.” 

Musk’s tweets to his 47.4 million followers influence crypto prices dramatically, and he often engages with others in dialogue over crypto. In fact, a tweet exchange with MicroStrategy CEO Michael Saylor may have inclined the Tesla man towards Bitcoin in the first place. 

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. #Gold is not BS. It’s real money and better than both!”

The Tesla CEO replied to Schiff by saying “An email saying you have gold is not the same as gold. You might as well have crypto”: 

(Read more)

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