Bitcoin vs Gold Debate Continues as Both Assets Rise Following Ukraine War
The never-ending debate around bitcoin (BTC) versus gold is once again in the spotlight, as both assets have risen after the onset of the Ukraine war -- and bitcoin’s properties as censorship-resistant money has come back into focus.
Given gold’s age-old status as a financial safe haven, the yellow metal’s rise since Russia invaded Ukraine is hardly a surprise. More surprising to some people, however, was bitcoin’s initial resilience and gains, although followed by a smaller correction, as fighting on the ground in Ukraine continued and even intensified.
Notably, the rise in bitcoin since the onset of the war has been helped by the focus on its role as sovereign money that can be transferred and spent regardless of any capital controls, money transfer restrictions, or cash withdrawal limits, as has been seen happening in Ukraine.
These unique properties of bitcoin were highlighted by the crypto influencer Layah Heilpern in a debate with the Euro Pacific Capital’s founder Peter Schiff earlier this week, with Heilpern pointing out that “bitcoin is saving people’s life” in Ukraine.
“You can flee tyranny […] whatever it is your government is throwing at you, you can flee that with the keys in your head. Nobody needs to know what you own, and I certainly will not be fleeing any kind of dangerous tyrannical government with gold bullion bars,” Heilpern told Schiff during the debate.
Schiff, on his end, countered with his usual talking points, saying bitcoin has “no underlying value,” and that both the technical and fundamental picture look “very bright for gold” at the moment.
Since the war in Ukraine broke out on February 24, BTC has risen by close to 12% to a price of USD 41,700 as of 12:00 UTC on Friday. And although gold has also
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