Galaxy Digital CEO Mike Novogratz was also involved in the Bitcoin-gold debate between gold lover Peter Schiff and Bitcoin pro Dave Portnoy. Novogratz found the battle between Bitcoin and gold unwarranted, saying that both assets could be used as a store of value to hedge against a depreciating fiat.
It all started when Dave Portnoy claimed that Schiff was a moron and claimed that gold had no value and that copper jewelry was as good as gold. Of course, Schiff did not remain silent on these comments. And he said that the real moron was Portnoy himself, who advised an investor to buy Bitcoin instead of dividend-paying stocks.
five minutes in @stoolpresidente says I’m a moron. Then he says #gold has no value and that copper jewelry is just as good as gold. Later he advises a guy to take out a line of credit on his house and buy #Bitcoin with the money instead of dividend paying stocks. Who’s the moron? https://t.co/5GqtOVLmBA
— Peter Schiff (@PeterSchiff) February 15, 2022
To date, many crypto advocates have described Bitcoin as “digital gold.” In fact, many continue to argue that BTC can be used as a better store of value than gold. However, Novogratz considers this discussion unnecessary.
Everything doesn’t have to come from a position of either or. The gold charts look good. You can be bullish gold and $BTC. Both are perceived as stores of value to protect against debasement of fiat. Gold underperformed for a while. $BTC and crypto are in an adoption cycle https://t.co/qZxdfQqb2q
— Mike Novogratz (@novogratz) February 15, 2022
According to Novogratz, an investor can be bullish on both Bitcoin and gold. Because both assets can be used to hedge against a depreciating fiat currency.