A lively debate recently took place between billionaire investor Anthony Scaramucci of SkyBridge Capital and top analyst Peter Schiff regarding whether Bitcoin or gold serves as a better hedge against inflation. Also participating in this debate were ShapeShift CEO Erik Voorhees and NYU economics professor Nouriel Roubini.

Schiff started the debate by criticizing Bitcoin's slow and expensive nature, claiming that it does not effectively function as originally intended. He argued that Bitcoin proponents are trying to position it as a digital version of gold, but in his opinion, it fails to match gold's intrinsic value derived from its physical properties. Schiff stated that gold has practical uses in sectors like jewelry and electronics, making it superior to Bitcoin in terms of utility.

Contrary to Schiff's views, Scaramucci contended that only a small percentage of gold's value comes from manufacturing, with the majority stemming from its role as a store of value. He highlighted Bitcoin's deflationary nature due to its fixed supply and deemed it as "digital gold," emphasizing its portability compared to physical gold. Scaramucci also mentioned that Bitcoin's value is influenced by an adoption curve similar to tech stocks that have become conventional over time.

Moreover, cryptocurrencies experienced a price increase driven by Bitcoin's surge, with the price briefly breaking through $63,000. This uptick was influenced by a U.S. April jobs report that was better than anticipated, easing concerns about potential interest rate hikes.