Tokenized Gold eats Bitcoin lunch

In a recent social media post, prominent financial commentator Peter Schiff predicted that tokenized gold would eat a bitcoin lunch.

The same applies to US dollar-backed stub coins, as he is confident that no one actually needs such a product if there is a coin representing real gold.

A financial model backed by tokenized gold

Schiff’s latest comment has announced that Biosig Technologies, a publicly-owned medical technology company specializing in visualizing intracardiac signals, has raised $1.1 billion in funding to build the Treasury Department with tokenized money.

Prior to that, the company had merged with Solana-based tokenization platform Streamex.

Instead of jumping on the red-hot cryptocurrency trend, the company chose to combine gold and tokenization.

Longtime cryptocurrency critic Schiff seems to believe this will become a much broader trend.

“It solves all the problems.”

In another post, Schiff argues that gold is the “best financial asset” of tokenization.

He argues that tokenized yellow metal actually improves all the financial properties gold has and the lack of bitcoin. “We solve all the problems that Bitcoin can’t do,” he said.

According to Streamex, tokenized gold has benefits such as global access, liquidity, increased security, and reduced barriers.

However, some bitcoers criticize the idea of tokenizing gold, as they may be on a central blockchain where tokens can be manipulated. Additionally, holders are at risk of counterparty.