Bitcoin Tops $58K, More Valuable Than A Kilo Of Gold

After "collapsing" yesterday from over $57,000 to $54,000, Bitcoin (BITCOMP) has been bid back up to new record highs, just surpassing $58,000 for the first time ever.

Source: Bloomberg

This has interestingly pushed the price of 1 Bitcoin above the price of 1 kilo of gold for the first time ever.

Source: Bloomberg

This latest move comes after a Twitter debate with bullion dealer Peter Schiff on the relative merits of Bitcoin compared with gold as a store of value, in which Tesla CEO Elon Musk said, “you might as well have crypto.” As Decrypt reports, Schiff Gold chairman and precious metals dealer Peter Schiff jumped on a tweet published yesterday by Elon Musk, in which the Tesla CEO echoed verbatim a tweet he wrote before Christmas, saying: “Bitcoin is almost as bs as fiat money.” 

Musk’s tweets to his 47.4 million followers influence crypto prices dramatically, and he often engages with others in dialogue over cryptocurrency. In fact, a tweet exchange with MicroStrategy CEO Michael Saylor may have inclined the Tesla CEO towards Bitcoin in the first place. 

Schiff managed to lure Musk into a conversation about comparing gold with Bitcoin as a store of value. Schiff replied to Musk that, “I agree, I just think Bitcoin, which is digital fiat, is even more BS than the paper fiat issued by central banks. #Gold is not BS. It's real money and better than both!”

The Tesla CEO replied to Schiff by saying “An email saying you have gold is not the same as gold. You might as well have crypto."

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