Peter Schiff compared what gold has obtained from 2017 to now and what has occurred to Bitcoin.
Peter Schiff, chief economist, market analyst, and critic of Bitcoin, takes badmouthing bitcoin as a usual activity he carries out on Twitter almost daily. This activity substitutes the critics against the procedures applied by the US administration.
A few days ago, Schiff warned that Bitcoin would fall further this fall and that he suggested not purchasing now. On Sunday, he went to Twitter to try to convince with a speech that got quickly dismissed by various of his followers.
Peter Schiff: Gold Up 40%, Bitcoin Down 2%
Schiff, a longtime Bitcoin hater, made another prediction about BTC and expressed that it will not rise from current levels.
He told people not to get excited about #Bitcoin above $20K because 20 does not mean growth, and this price is another bull trap. Nothing falls in a straight line. This slow-motion crash shows zero signs of any capitulation that could generate a bear market bottom.
Schiff also said In December 2017 that Bitcoin fell just below $20K, becoming dead money for the last four and a half years, as its current price is at least 2% lower than it was then. By contrast, gold is up over 40% over the same period.
Although gold has reached a high price, it is also lower than its highest price, which occurred in July 2020, when gold managed to surpass at least USD 2,000.
And it is also worth saying that the current prices of gold metal are very similar to those that gold had in August 2011 and then had a profound decline to levels even below USD 1,200 in some months of 2014 and 2015. It only managed to overcome that sum when the Covid-19 pandemic reigned when it became an investment haven for many users.
Against Schiff and his Stance Against Bitcoin
One tweeter told Schiff In September 2011 that gold peaked just below $2K. Gold has been dead money for the last 11 years, as its current price is at least 6% lower than it was then. By contrast, bitcoin reached a high price registered at more than 59,300% during the same period.
Another of Schiff’s followers told him he could not take two arbitrary dates and try to prove a point with them.
Another comment on Twitter was that The Ugandan Ministry of Energy and Mineral Development stated that the nation found 31 million tons of gold. Add that to the gold supply, and the so-called 40% increase will fall due to oversupply. According to the comment, Schiff should worry a bit more about the price of gold than Bitcoin.
By: Jenson Nuñez