Wozniak and Thiel Fuel Bitcoin-Gold Debate: Gold Comes Out On Top

– Gold versus bitcoin debate makes further headlines as tech experts weigh in
– Peter Thiel tells Saudi conference he believes bitcoin is underestimated and compares to gold
– Steve Wozniak tells Money 20/20 that bitcoin is a better standard of value than gold and U.S. dollar
-Both men recognise that the US dollar has little value and there are worthy competitors to its crown as reserve currency
– Gold continues to hold its value and has multiple uses, bitcoin remains volatile and difficult to use
– Experts are pushing an unnecessary debate as gold and bitcoin state more about fiat than each other

Lords of the tech world Peter Thiel and Steve Wozniak are the latest to add fuel to the bitcoin versus gold debate.

At separate conferences both told audiences that they had great hopes for bitcoin, comparing it to gold. The co-founder of Paypal and the Apple co-founder both expressed views that suggest they believe the world’s biggest cryptocurrency is superior to the world’s oldest form of money.

Each of their comments demonstrated some ignorance when it came to how gold operates and also in how they believe the two assets need to be considered competitors.

Their comments were really about the badly managed US dollar and how its time is limited. Yet as we have seen throughout the year, thoughts by experts return to bitcoin replacing gold rather than being a statement on the pushback against fiat money tyranny.