(Kitco News) - Gold has been around for thousands of years and people should stop comparing it to bitcoin, which is not in the same asset class, said E.B. Tucker, director of Metalla Royalty and Streaming.
"It' not even a question, it's like walking versus air travel, it's not even comparable," Tucker told Kitco News on the sidelines of the 121 Mining Investment conference in New York.
Bitcoin's finite limit is also not sufficient to classify the cryptocurrency as a safe haven asset and store of value, Tucker noted.
"What people don't realize is that there's only about, I think, $160, $150 billion worth of bitcoin available in total supply, and with gold there's $8 trillion. People say 'well, there's less bitcoin than gold, and that's better,' well not really, because you look around the world and you have asset managers, people have to move in and out of these assets, and [bitcoin] is not a functional place to store money..."
In response to bitcoin's rising functionality as a means of payment at retail stores, Tucker again said that the comparison
"I don't need to do that with gold, because gold is a place to store wealth, so I don't need to take my wealth and buy sandwiches, I need to use my wealth to preserve myself as a man of substance through the down periods. That's the purpose of gold: it's real money you can trade it into something, into another type of money whenever you need to.
More on the Bitcoin vs. Gold Debate
- Bitcoin Has One Obvious Advantage Over Gold and It's Simpler Than You Think
- Bitcoin at $1 Million Is Not Out of the Question, Says James Altucher
- The Gold vs. Bitcoin Debate Is Only Getting Started and It's Getting Ugly
- You Can't Stop Bitcoin's Global Takeover, Says Max Keiser
This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.