Bitcoin Isn’t Money But Next Generation Gold, Block.one CEO Responds To Peter Schiff

Brendan Blumer, the CEO of Block.one – the publisher of EOS, has said that Bitcoin isn’t money and that it never will be. However, he believes that it’s the “next generation of gold.” His tweets came as a response to Peter Schiff, who once again bashed Bitcoin.

Bitcoin Is The “Next Generation Of Gold”

Brendan Blumer is the CEO of Block.one – a private company, publisher of EOS. Taking his thoughts to Twitter, he outlined that Bitcoin isn’t money and that it never will be. On the contrary, he believes that BTC is “the next generation of gold.”

#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

Blumer has been consistent in his views of Bitcoin. He has previously said that it shares core values with gold, as well as supply integrity. Moreover, he also believes that “anyone egregiously attacking one in favor of the other is undermining both, while highlighting their own insecurities in regards to their chose favorite.”

Indeed, many people have compared Bitcoin to Gold in the past. One of them was the Chairman of the US Federal Reserve, Jerome Powell. He said that Bitcoin is “a store of value; it’s a speculative store of value, like gold.”

Peter Schiff Does It Again

Bitcoin has been one of the topics that the popular economist Peter Schiff has discussed at large. Being one of the most well-known nocoiners, refusing to acknowledge any inherent benefit of the cryptocurrency, he recently stated that while it’s not money, Bitcoin can, indeed, increase in value.

To this, he adds that he has “acknowledged the past rise in the price of Bitcoin merely to point out that those gains did not prove my earlier comments about Bitcoin’s flaws as money invalid. A pyramid scheme has no place in an investment portfolio.”

To this, Plumer responded that his statement is not only offensive to Bitcoin holders but also to people who invest in gold. This is because they share the same values and are “in the same boat.”