The CEO and co-founder of Block.One, Brendan Blumer, in reply to Peter Schiff’s tweet wrote that the leading cryptocurrency, bitcoin, is not meant to be used as everyday money and is an investment tool.
Bitcoin will overtake gold.
Peter Schiff, who is a well-known bitcoin critic, tweeted that bitcoin is a pyramid scheme, and it has no place in an investment portfolio. Ha has several times bashed bitcoin before conceding this month when he tweeted that bitcoin can be used to make money, but he still insists that it can not be used as money. Brendon Blumer replied to gold advocate Peter Schiff saying that bitcoin is the next generation of gold and will overtake it in aggregate value in the next two decades.
#Bitcoin isn’t money and never will be – its the next generation of #gold and will overtake it in aggregate value the next two decades. Local currencies are made for spending and are tax optimized for it. Do you spend your gold at the supermarket? Your equities?
— Brendan Blumer (@BrendanBlumer) February 19, 2020
Bitcoin drops below $10,000
2020 has proved to be a decent year for bitcoin so far as the price of the leading cryptocurrency reached above $10,000 earlier this month. But the glory of bitcoin did not last long as it plunged down the $10,000 mark on Thursday. At the time of writing, Bitcoin is trading just above $9,500. The short term prediction for the leading cryptocurrency is still quite bullish, and we might see the price of bitcoin trading above the $10,000 soon.