Bitcoin vs Gold: Pomp and Schiff Plan to Bet $100k Each to Determine Which Asset Class is Better

Bitcoin vs gold
Source: Shutterstock

Bitcoin vs Gold: Pomp and Schiff Plan to Bet $100k Each to Determine Which Asset Class is Better

Popularly known as “gold bug”, Peter Schiff, engaged with renowned bitcoin enthusiast, Anthony Pompliano in a series of arguments on twitter in which both are planning to place the “golden bet of the decade” in order to support their respective choices of assets, gold and bitcoin.

Minus 50% Bitcoin Price Still Outperforms Many Other Assets

In the events leading to leading to the pronouncement of $100k worth of gold and bitcoin as the stake, Pomp had stated that even if bitcoin dipped by 50%, it would still be outperforming many other assets. According to Pomp,

Bitcoin’s price could fall 50% from today’s price of $10,600 and the digital currency would still be outperforming the S&P 500 in 2019.

Bitcoin Crashing Further, Minus 50% Is Understatement

Responding to Pomp’s confident tweet, Schiff said that while Pomp’s statement was true at the 50% mark of the dip, Bitcoin’s decline was going to be much greater than 50%. Further expressing his confidence about his prediction, Schiff added that bitcoin was going to be the worst performing asset within the next 10 years. This was where the proposal for staking $100k came into play.

Source: Twitter

$200k Bet, Winner Takes All!

Pomp replied by suggesting that both men put $100k each (in the form of gold and bitcoin) in escrow for 10 years. The asset which performs better, in terms of Returns On Investments (ROI) at the end of the period wins the bet in a winner takes all arrangement. Schiff has not responded if he is in for the bet.

Peter Schiff is the chairman of Euro Pacific Capital and also the chairman of SchiffGold, a company that teaches investors how to invest in gold and silver. He tweets heavily about investments in gold and also critiques Bitcoin.

On the other side, Anthony Pompliano, who recently got the alias “bitcoin bug” is the co-founder and partner at Morgan Creek Digital, an establishment which provides asset management services. Pomp, as he is popularly known, appears on podcasts and interviews and talks about matters related to Bitcoin. He has established himself as a reputable bitcoin influencer in the cryptocurrency space.

The duo also recently debated which asset class was a better choice on CNBC in a stalemate argument which left spectators on both sides with expectations of another session.

Summary
Peter Schiff And Pomp Place Bet To See The Better Asset, Put $100k Each In Escrow For 10 Years...
Article Name
Peter Schiff And Pomp Place Bet To See The Better Asset, Put $100k Each In Escrow For 10 Years...
Description
Pomp and Schiff discuss placing a bet to determine which asset between gold and bitcoin would perform better in ten years
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Dare Shonubi

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

Post your comment...
Dare Shonubi 182 Articles

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

Follow Dare @