The debate on the characteristics of gold and Bitcoin [BTC] has been a prolonged one, with many proponents of the cryptocurrency field getting in on the action by making the case for the world’s largest cryptocurrency. In a recent series of tweets, John McAfee spoke about the differences between gold and Bitcoin. He tweeted,
“The difference between gold and Bitcoin? Gold is a commodity, occupying space, with mass, temperature, shape. Bitcoin is an idea, made manifest through a series of numbers, with no true location or substance – a clever concept with infinite fluidity. To compare them is madness.”
McAfee’s opinion about any comparison between Bitcoin and gold is a sentiment that is shared by many supporters of the cryptocurrency. This was evidenced by the ongoing ‘Drop Gold’ campaign, initiated to show users the advantages that BTC has over gold. It was launched with the intention of informing users that Bitcoin can be an equally reliable store of value, when compared to gold.
McAfee further added that Bitcoin is based on cold hard math, and not just belief as many people believe. This was shown in another tweet which read,
“Crypto is pure math. Coins created by hashing or other algorithms. Moved under control of math logic. They’re fractionalized, stored, retrieved, exchanged under control of formulas. Coins are electronic elements of a vast system controlled by math. This is not the Stock Market.”
Some users in the ecosystem however, were on the fence about who controls Bitcoin, with one crypto enthusiast claiming that the cryptocurrency was still controlled by the people controlling the stock market and the Forex market. McAfee rebutted this statement by stating,
“Not even remotely true in the long run. If you do not understand the full depth of a system you can in no manner control it.”
McAfee was not the only one who sided with Bitcoin in the ‘Bitcoin vs Gold debate,’ as he was recently joined by Ikigai Asset Management CIO Travis Kling, who had said that BTC looks really good when aligned next to the world’s most popular precious metal.
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