Gold bug and crypto critic Peter Schiff claims gold is “harder to confiscate” than bitcoin amid a surge in crypto prices and BTC searches.
According to a tweet published on July 29, Schiff argued that gold was easy to transport and harder to confiscate than bitcoin.
Schiff’s comments came in response to an earlier tweet by Robert Kiyosaki, author of the popular Rich Dad, Poor Dad financial advice series. Kiyosaki, who has been a vocal proponent of bitcoin and digital currencies, claimed to have moved his investments out of gold and into silver and BTC.
Schiff’s tweet on gold’s supposed superior portability kicked off an instant firestorm in the comments, with users quickly pointing out the implausibility of transporting large sums of precious metals. User Robert Breedlove also pointed out that U.S. dollars had historically been backed by confiscated gold.
The gold bug’s dig at bitcoin came amidst a general price surge for both BTC and precious metals, with the former breaking above $11,200. According to data compiled by Google Trends, search queries for “bitcoin” in the United States spiked on July 27, nearly doubling the traffic generated just days earlier.
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