Euro Pacific Capital's Peter Schiff has used Bitcoiners' own logic against them by arguing that Ethereum is a superior store of value compared to Bitcoin based on its price performance in 2021.
Bitcoin pumpers claim that #Bitcoin is a better store of value than #gold because it's price has risen more than gold's price. By that logic #Ethereum is a better store of value than Bitcoin. If Bitcoin is gold 2.0 then Ether is Bitcoin 2.0. Has Ether already disrupted Bitcoin?— Peter Schiff (@PeterSchiff) December 6, 2021
The gold bug referred to the second-largest cryptocurrency as "Bitcoin 2.0" in his latest tweet.
He also suggested that Bitcoin might already have been disrupted by its biggest competitor.
Prominent members of the Ethereum community found themselves agreeing with Schiff, lending credence to his arguments.
Spencer Schiff, the son of the prominent economist, has a diametrically opposite view on Bitcoin, routinely rebutting his father's disparaging statements about the largest cryptocurrency on Twitter. In a new tweet, he suggests that meme cryptocurrency Dogecoin has outperformed both Bitcoin and Ether, which supposedly makes it a better store of value than the two largest cryptocurrencies.
Meme coins and play-to-earn coins have outstripped the rest of the market this year, with Shiba Inu alone being up 270,000%.
Gold is down 6.20% year-to-date, becoming a subject of mockery for crypto investors enjoying the latest bull market cycle.
El Salvador President Nayib Bukele, who was recently called out by Schiff for wasting taxpayers' money on Bitcoin, hit back at the "boomer" by pointing out that the tropical country's gold reserves are up only an infinitesimal 0.37% from a year ago.
None.— Nayib Bukele ?? (@nayibbukele) December 4, 2021
We’re already in the green from our last purchase, in less than 24 hours.
You know boomer, we have 44,106 oz of gold in our reserves.
Worth $79 million, down 0.37% from a year ago.
If we had sold it a year ago and bought #Bitcoin, it would now be valued at $204 million. https://t.co/e5z9cVsfjg
In a follow-up tweet, Bukele revealed that he buys Bitcoin dips on behalf of El Salvador directly from his phone.