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Economist Pierre Schiff said in an interview broadcast Thursday that he would prefer a gold-backed cryptocurrency over one Bitcoin (CRYPTO: BTC) during a crisis like Iran.
Appearing on the Randi Hipper show, Schiff said that if he had to make anonymous transactions through an app in Iran, given the currency crisis and internet ban, he would choose tokenized gold over Bitcoin.
“I’d rather have a cryptocurrency backed by real money,” Schiff said, adding that Bitcoin isn’t backed by anything.
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According to the Bitcoin critic, the best option in Iran would be to use a stablecoin. “There are many that you could participate in. And in fact, I believe the best stable coin would be tokenized gold,” he said.
The Iranian rial has become almost worthless against the dollar, pushing people to turn to cryptocurrencies, including Bitcoin, as a hedge.
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Although internet shutdowns expose vulnerability, some claim Iranians are using Bitchata decentralized messaging application developed by Jack Dorsey’s Block Inc., and its clones, to send BTC via Bluetooth.
‼️ warning: Iranian clone of Bitchat raises several red flags:
– full clone of our code but no attribution or credit for our work.
– not open source. the application could spy on you without your knowledge. NEVER USE A CLOSED PRIVACY MESSENGER!
– asks for money. the cat is… pic.twitter.com/byLlA9Lqmo
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It’s worth pointing out that Bitcoin has failed to live up to its oft-repeated reputation as “digital gold” in 2025, while cryptocurrencies backed by precious metals have proven much more reliable.
Gold Attachment (CRYPTO: XAUT) and PAX Gold (CRYPTO:PAXG) are both up more than 70% over the past year, while the top cryptocurrency is down 4%.
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Active
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1 year Earnings +/-
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Price (recorded at 9:45 a.m. ET)
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Bitcoin
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-4.17%
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$95,430.78
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Gold Attachment
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+71.66%
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$4,591
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PAX Gold
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+70.96%
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$4,608.10
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Photo: Shutterstock/GraphixTreasure
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This article Peter Schiff gives advice to Iranians facing their currency collapse and, instead of Bitcoin, he wants them to choose a crypto like this, originally appeared on Benzinga.com
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