Ever since the #DropGold campaign by Barry Silbert, the debate between gold enthusiasts and Bitcoin proponents has risen to a new level. CNBC guests, Jim Iuorio and Anthony Grisanti, went head-to-head during a discussion about the same.
Jim Iuorio, a broker/trader and a CNBC contributor, said that gold’s recent move to the upside had broken a severe downtrend, which might take the price of gold to “1,360-ish”. Speaking about Bitcoin, Iuorio said,
“You see that 10,000-line, that’s a line in the sand of Bitcoin, it came within flirting distance of it before and it seemed to have failed I think it’s going to take a lot to push it above that. So clearly, I’d rather be gold.”
However, unlike Jim Iuorio, Anthony Grisanti was on Bitcoin’s side and said that he would rather choose the modern currency, over the medieval one.
“There’s been a wider implementation of Bitcoin, the cost and transactions have increased and the hedge funds are back in to start buying it, and when you walk in a Burger King you can’t buy a whopper with gold, but you can with Bitcoin in a little bit.”
While it is yet to be used for buying burgers at Burger King, there were plans to do something similar said Grisanti. However, the same couldn’t be said for gold.
Further, Grisanti explained his next move for trading Bitcoin. He said that he would buy CME Bitcoin contracts at $7,800, with a stop-loss set up at $7,100, which was due to respect for the recent sell-off of Bitcoin that stopped at $7,300.
A Twitter user, @joeTrader06m, commented,
“I wished i had seen this 2 hours ago. Could have made some profit with this 100% counter trade indicator.”
Another Twitter user, @MichaelAgne1, remarked,
“I love all these new adopters who wouldn’t touch this stuff with a ten foot pole 3 years ago…#Bitcoin is not for trading, its not a financial instrument, its a store of value, when you trade it you aren’t trading bitcoin you are trading dollars…realize that.”
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