“Only fools are choosing Bitcoin” over gold, according to renowned gold proponent Peter Schiff.
In a March 24 tweet, Schiff expressed his negative view of the intellectual capabilities of Bitcoin (BTC) investors. He wrote:
“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!”
Schiff also pointed out that during the 2008 financial crisis, gold fell by about 25% and reached a new high in seven months. Based on that, he made his prediction:
“During the 2008 financial crisis, gold fell about 25% and took 7 months to make a new high. This time gold only fell about 15%, and may make a new high in under a month. This shows how much greater this financial crisis is, and how much more reckless current Fed policy is.”
“Bitcoin is still in a bear market”
In another tweet, Schiff said that Bitcoin proponents are accusing him of ignoring the coin’s 12% gain on the day. He responded to them:
“Bitcoin is still in a bear market. It’s still down 35% from its 2020 high, and 3% YTD. In contrast, gold is in a bull market. It’s only 2% below its 2020 high, and up 7% YTD.”
It is worth mentioning that Schiff’s praise towards gold is well aligned with his personal interests. He is the chairman at Schiffgold, a precious metal dealer.
Schiff often attempts to convince his followers that Bitcoin is not a worthy investment. On March 10, Bitcoin surged to $8,150 before encountering resistance and being pushed back to $7,730 while most of the market was in a freefall. Shiff at the time ignored the fact and said:
“Bitcoin is no longer a non-correlated asset. It’s positively correlated to risk assets like equities, and negatively correlated to safe-haven assets like gold. When risk assets go down, Bitcoin goes down more. But when risk assets go up, Bitcoin goes up less. No value in that!”
As of press time, Bitcoin is 6% up on the day as Wall Street opened in the green.