It’ll take more than a global pandemic to stop Peter Schiff taking digs at bitcoin…
In this week’s attack on the digital asset, the CEO of Euro Pacific has taken to Twitter to give his harsh opinions on the leading cryptocurrency. In the rant, Schiff made the claim that only fools are deciding to opt-in for bitcoin rather than the classic investment, gold.
One of the things to highlight is that the cryptocurrency community is very active on Twitter and is very much used to the constant criticism from Schiff. So whenever Schiff attempts to throw shade at bitcoin, many investors and enthusiasts are always just a click away from proving him wrong.
When talking about the performance of gold in 2008 (throughout the financial crisis), Schiff compared it to how the asset is doing in the current climate of the coronavirus.
More specifically, he said that in 2008, gold dropped circa 25% before it ultimately bounced back and hit a new high in less than 10 months. Now though, gold has sunk 15% and is on the way to hitting its new high in just 30 days owing to the Federal reserve’s dovish vision monetary policy.
One keen follower then highlighted that bitcoin surged around 12% earlier this week on the 24th of March. It rose while the stock markets crashed indicating that the market is opting in favour of bitcoin rather than gold.
In classic Peter response, he responded saying that only fools are choosing bitcoin.