Euro Pacific CEO Peter Schiff has aired another controversial opinion about Bitcoin in his usual manner. Schiff took to Twitter where he stated that only fools will choose to invest in Bitcoin instead of putting their money in gold.
Evidently, Schiff remains unfazed about his views on Bitcoin.
The gold bug is known for his Bitcoin criticism in the social media space. As popular as he is with his opinions, crypto twitter never fails to rebuff his opinion, regardless of how pessimistic or cynical.
Schiff had begun by comparing the current state of bitcoin in the current coronavirus pandemic to Gold’s performance during the financial crisis in 2008. He mentioned that Gold fell by about 25% and regained its loss in less than 10 months. Presently, Gold is down 15% but looks to be on its way to a new high as a result of the Federal Reserve’s moves to print more money.
In response to his tweet, a Bitcoin proponent pointed out that Bitcoin jumped about 12% this week even though the rest of the world’s financial market cannot boast of the same. The follower said, “the market keeps choosing BTC.” To this, Schiff responded in his usual manner, against Bitcoin.
“Only fools are choosing Bitcoin. So far this year, gold is up over 7%, while Bitcoin is down 3%. Gold is only 2% from its 2020 high, while Bitcoin is 35% below its 2020 high!”
Recently, trader and analyst Peter Brandt said both Bitcoin and Gold could crash to $1,000.
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