Peter Schiff thinks Bitcoin returns to Earth after stellar price performance in the 2010s
- Gold wins over Bitcoin
- Why not the two of them?
The golden bug Peter Schiff hopes to turn the tide on Bitcoin Moonboys in the next few years.
The ardent crypto hater tweets that he expects the number one cryptocurrency by market capitalization to return to Earth.
Gold wins over Bitcoin
During the COVID-19 pandemic, gold has fared much better than its digital version. On April 9, the gloss product reached its highest level in seven years of almost $ 1,750.
In the meantime, BTC is in the red again this year, currently standing at $ 6,835. The highest cryptocurrency is trading at defeated prices since its 48% drop on “ Black Thursday ” on March 12.
Such a turnaround is quite refreshing for Schiff who has been mistaken on BTC for almost a decade. Those who invested $ 10,000 during its first bearish call (June 20, 2011) could have walked away with more than $ 4 million on December 31, 2019.
Why not the two of them?
The fact that Schiff obsessively slanders Bitcoin on Twitter should come as no surprise, as it poses a threat to his offshore bank for wealthy individuals. In 2014, he mentioned that EuroPacific Bank in the Caribbean was his fastest growing company.
“I don’t think it’s an accident that it’s the fastest growing and the least regulated, even if it is highly regulated as a bank,” said Schiff.
Supporters of gold and Bitcoin have disagreed for years, but many experts are certain that they are not in a zero-sum game. Concrete example: former hedge fund manager Mike Novogratz, who long invested in these two assets during the coronavirus crisis.