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Peter Schiff teases tokenized gold offering
Veteran fund manager Peter Schiff, well-known for his skepticism of Bitcoin, has finally praised something related to crypto.
But he has reserved his praise for the blockchain technology that powers cryptocurrencies for tokenizing gold, not cryptocurrencies themselves.
On July 8, Schiff hailed the process of tokenization of real assets to expand liquidity and portability and underlined that gold getting tokenized is where he always said blockchain and crypto would ultimately end up.
Tokenization refers to the process of using blockchain technology to digitally represent real-world assets (RWAs) as tradable tokens and offer fractional ownership of those tokens to prospective investors.
The process not only digitizes but also fractionalizes assets, making them more affordable to trade.
The fund manager has always been bullish on gold, so it should come as no surprise that he has found its tokenization useful.
Schiff, however, dismissed the tokenization of "worthless strings of numbers." He was, of course, referring to tokenization of cryptocurrencies such as Bitcoin, which are mined by solving cryptographic puzzles.
In response to a comment on X, Schiff said that while Bitcoin, often referred to as "digital gold" within the crypto community, has no value, gold is certainly valuable. However, he agreed on the requirement for a reliable custodian of tokenized gold. He added:
The fund manager has also hinted at offering "my own offering" on his website.
As per Kraken, Bitcoin was trading at $109,030.67 at press time, up 0.9% a day.
Meanwhile, gold was exchanging hands at $3,303.62 per oz at press time, down 0.89% a day.
This article has been published in TheStreet via Yahoo News.
