McAfee jumps in on Bitcoin vs Gold discussion: 'Madness'

29 May, 2019 | Updated: 29 May, 2019
by Jelmer van der Dussen
Bitcoin
McAfee jumps in on Bitcoin vs Gold discussion: 'Madness'

With a developing theory in the cryptocurrency community about Bitcoin overtaking gold in the future, famous crypto supporter John McAfee gave his view on the new rivalry between BTC and gold.

Cryptocurrency asset manager Grayscale recently launched the campaign #DropGold, to challenge gold's role as a store of value and introduce Bitcoin as the new alternative to millenials. This led to a strong reaction from the gold community, with US Global Investors CEO Frank Holmes urging millenials to not abandon gold. "Millennials should do their homework, they should open up a history book on why gold is so significant… why the great ‘love trade’, that if you love your country you should have gold in reserve. If you have a crisis, your paper money goes down in tremendous value."

Tyler Winklevoss, Bitcoin whale and founder of Gemini, recently asked his Twitter following: 'If you find out why Bitcoin isn't going to disrupt gold, let me know. I still haven't found a reason.'

Bitcoin has an incredible upside if it would become a store of value like gold. As The Rhythmtrader pointed out on Twitter, 'once Bitcoin overtakes gold, each Bitcoin would be worth over $350,000. We live in a digital age, the flip is inevitable.'

McAfee thinks the whole discussion about Bitcoin overtaking gold is 'madness', simply because you cannot compare the two. The US Presidential Candidate for 2020 says that 'gold is a commodity, occupying space, with mass, temperature, shape. Bitcoin is an idea, made manifest through a series of numbers, with no true location or substance - a clever concept with infinite gluidity. To compare them is madness.'

McAfee says he considers neither gold nor Bitcoin as 'better'.

Over the last couple of months, more experts are foreseeing a role for Bitcoin as the digital gold. According to Nate Geraci, president of ETF Store, 90% of the millenials prefer Bitcoin over gold. 'If you talk to, primarily millennials, and ask them which they prefer, Bitcoin or gold? It is a landslide. It is not even close! It is like 90% prefers Bitcoin.'

Prominent crypto investor Mike Novogratx recently said that Bitcoin can 'easily overcome' gold's $7.5 trillion market cap. "We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily."

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