Everybody and his uncle was glued to the screen during the US Open. However, instead of commenting on Roger Federer’s surprising defeat during the semifinals or literally any other captivating event, Pacific Capital CEO Peter Schiff decided to draw a comparison between a tennis ball and (you guessed it) Bitcoin.
According to the multimillionaire gold bug, who is infamous for constantly bashing crypto, BTC has less intrinsic value than a tennis ball. He also added that it would be impossible to make the US Open trophy out of Bitcoin.
I'm watching tennis. Even the ball has more utility than Bitcoin. By the way, the U.S. open trophy is made of silver. It would be too expensive to make it out of gold. It would be impossible to make it out of Bitcoin.— Peter Schiff (@PeterSchiff) September 4, 2019
Morgan Creek Digital co-founder Anthony Pompliano was quick to respond that precious metals are only used for jewelry and trophies while Bitcoin will fulfill the role of a global currency.
Gold and other precious medals lost their ability to fulfill the world’s need for money.— Pomp 🌪 (@APompliano) September 4, 2019
Now you are celebrating their use cases for jewelry and trophies.
Gold can have the knick-knack use case.
Bitcoin will fulfill the world’s need for a global currency.