April 13, 2020

Gold VS Bitcoin: Peter Schiff Predicts Bitcoin Crash

Peter Schiff, known as an ardent critic of cryptocurrency, again distinguished himself with sharp statements against Bitcoin. He is a fan of investing in gold, so his attacks on the crypto community were quite expected.

Schiff criticized Bitcoin and the crypto community

On Twitter Peter Schiff published a statement saying that Bitcoin adherents would soon regret making fun of investors in gold. According to him, this is because Bitcoin has recently lost its position significantly and this may affect its future.

Schiff thinks that shortly gold will go to the “moon”, while Bitcoin will fall “on Earth”.

Schiff also said that the crypto community regularly criticized its position. Crypto activists believe that he is not able to understand Bitcoin technology. As a counterargument, Schiff argues that crypto activists poorly understand the essence and history of money. He noted:

How did the cryptocurrency react to sharp criticism from Schiff?

The reaction to Schiff’s statements was immediately followed by the crypto community. Bitcoin adherents protested in a wayward manner against Schiff’s position. In particular, one of Bitcoin lovers called gold an obsolete asset, which should leave the modern financial market. He wrote:

Some crypto activists were more liberal about Schiff’s accusations. In particular, one of the users noted that many representatives of the crypto community support both Bitcoin and precious metals. The ClawManSlippy user is more categorical to the Schiff position. He believes that in this way Schiff is trying to attract the attention of investors to his “gold business”:

According to Van Eck investment company, Bitcoin and gold strengthened the correlation between themselves in 2020.

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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