In a recent social media post, prominent financial commentator Peter Schiff predicted that tokenized gold will end up eating Bitcoin's lunch.
The same applies to U.S. dollar-backed stablecoins since he is convinced that no one will actually need such products when there is a coin that represents real gold.
Treasury model backed by tokenized gold
Schiff's most recent comment comes after BioSig Technologies, a publicly traded medical technology company that specializes in intracardiac signal visualization, announced that it had raised $1.1 billion in funding to build a treasury with tokenized gold.
Prior to that, the company merged with Solana-based tokenization platform Streamex.
Instead of jumping on the red-hot crypto treasury trend, the company chose to combine gold with tokenization.
Schiff, a longtime cryptocurrency critic, appears to believe that this will be a much broader trend.
"It solves all the problems"
In another post, Schiff claims that gold is "the best monetary asset" for tokenization.
He argues that tokenized yellow metal actually improves on all the monetary characteristics that gold has and Bitcoin lacks. "It solves all the problems that Bitcoin can't," he said.
Tokenized gold has such advantages as global access, liquidity, increased security, and lower barriers, according to Streamex.
However, some Bitcoiners have criticized the idea of having tokenized gold since the token might be on a centralized blockchain that can be manipulated. Moreover, holders are exposed to counterparty risks.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team