In a fabulously foolish flub, old Peter Schiff insists tokenized gold can toddle along as medium of exchange, unit of account, and store of value-functions he claims that dashed bitcoin simply can’t muster with any poise.
The Safe Haven Spat Sparks Again in the Market Mayhem
The outspoken bitcoin basher and gold gazer extraordinaire, Peter Schiff, has dashed off again to proclaim that the yellow stuff-not those crypto curiosities-is the sole sensible chap to shove onto a blockchain. In a recent chinwag, Schiff merrily maintained that tokenized gold could prance about as a medium, unit, and store-roles he says bitcoin (BTC) chats glibly about but botches utterly. 😂
This pompous proclamation popped up mere moments before spot gold prices took a veritable tumble, plunging a whopping 8% in one go-the sharpest slip since 2013. This abrupt about-face ended a three-week jolly-up where gold had jumped over 12%, thanks to investors bolting like scared rabbits amid worldwide economic kerfuffles.
Mind you, this gold gala marched in lockstep with bitcoin’s own dramatic dive after its all-time high on Oct. 6. The zigzagging sagas of these two assets have stirred up the old debate anew: which of the blighters truly merits the crown of ultimate safe haven? 🍂
Still, despite the precious metal’s cheeky crash-nipping off over $2.4 trillion from the coffers-Schiff doubled down on lambasting bitcoin and unveiled plans for his own gold-backed trinket. How quaint!
“I might just launch my own token sometime soon,” piped up Schiff. “I’m whipping up a platform on Schiff Gold for chaps to purchase the real thing.” 💰
He clarified, with a wink, that the gold quaintly backing these tokens would nestle in vaults, allowing owners to swap for tangible treasure. Splendid!
Rejoinders ranged from stunned giggles to dubious snorts. Changpeng Zhao (CZ), that Binance boss, wrote off the notion as dreadfully unoriginal, muttering that similar gold gewgaws have flopped before.
“Tokenizing gold ain’t ‘on-chain’ gold,” CZ tweeted. “It’s doling out trust in some third party to cough up gold later-perhaps amid wars or whatnot. Trust me, bro? Ha!” 🤨
In retort, Schiff vigorously defended this custodial caper, pointing to its ancient charm.
“Folks have entrusted third parties with gold for ages,” he chortled. “Brinks has minded it for 160-odd years without losing a speck. Tokenized gold’s like those stablecoins. Surely you’re not against the whole shebang?” 😜
FAQ 💡
- What lofty stance does Peter Schiff hold on blockchain baubles? Dear old Schiff fancies gold over crypto critters as the only asset fit to tokenize on a blockchain. What a gas! 😂
- What’s the latest juicy jiggle in gold prices? Gold took an 8% nosedive recently-the biggest since 2013-wrapping up a three-week spree that’d pushed it up 12%. Oopsie!
- What devious plans doth Schiff plot for a gold-backed token? The chap’s gearing to unleash his own gold token via Schiff Gold, letting buyers nab vaulted gold, redeemable for real shinies. Fancy that! 💎
- How’s the crypto crowd reacted to Schiff’s stunt? Mixed as a fruit salad-some, like CZ, scoff at its lack of novelty, while Schiff vows eternal faith in custodians. Sarcasm aplenty! 🧐
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2025-10-24 01:00