Conversation between Musk and gold bull Peter Schiff: Money is just data that facilitates our lives.

Famed 57-year-old stockbroker Peter Schiff, who is a staunch advocate for gold, responded to Elon Musk's views on Bitcoin on Twitter. Musk recently remarked, "Bitcoin is almost as bs as fiat money. The key word is 'almost'." (For more details, see: "Musk States: Purchasing Bitcoin in the Current Market Environment is a Risk Worth Taking for Publicly Traded Companies")

Famed 57-year-old securities broker Peter Schiff, who is a staunch advocate of gold, responded to Elon Musk's views on Bitcoin on Twitter. Musk recently stated, "Bitcoin is almost as ridiculous as fiat money. But the keyword here is 'almost'." Details can be found in the article: "Musk states: Buying Bitcoin in the current market environment is a risky investment for listed companies."

Peter Schiff responded to Musk's comments:

"According to Elon Musk, 'Bitcoin is almost as ridiculous as fiat money.' So his point is, Bitcoin is as bad as fiat money. I agree with this. I believe Bitcoin is digital fiat. It's worse than the paper money issued by central banks. Gold, on the other hand, is not fake. It is real money and better than both."

An email saying you have gold is not the same as having gold. You might as well have crypto.

Money is just data that allows us to avoid the inconvenience of barter.

That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.

— Elon Musk (@elonmusk) February 20, 2021

Musk replied seriously:

"An email saying you have gold doesn't mean you have gold. You might as well have crypto."

Money is just a data system that allows us to avoid barter, and it brings convenience.

"This data, like all data, is delayed and wrong. The system will evolve and minimize those things."

Subjectively, Musk seems to imply that Peter Schiff, by purchasing gold through intermediaries, actually only owns a confirmed account balance after the purchase. And cryptocurrency is just a change in ledger numbers, with little difference between the two.

He believes that so-called money is just a medium of value exchange stored in a data format, and this storage system is still evolving, aiming to reduce delays and errors.

We can assume that Musk acknowledges the changes brought by cryptocurrencies and blockchain to the "monetary system," and for him, there is not much difference between buying gold and buying Bitcoin.

Lastly, Musk made another intriguing reply:

"In other words, Bitcoin and Ethereum look really high. LOL"

That said, BTC & ETH do seem high lol

— Elon Musk (@elonmusk) February 20, 2021