Peter Schiff – If You are Choosing Bitcoin Over Gold Then You are a Fool
*We don't agree with him
The famous bitcoin antagonist Peter Schiff has once again exhibited his skeptic attitude toward the leading digital asset Bitcoin. On Tuesday 24th March on Twitter, Peter talked about the performance of Gold and Bitcoin in the year 2020 and called those fools who are choosing bitcoin over Gold.
The CEO of Euro Pacific Capital Peter Schiff always remains bullish on Gold while on the U.S. dollar and Bitcoin, he remains bearish and skeptical respectively.
‘Only fools are choosing Bitcoin’
In the Tweet, Peter Schiff has compared the performance of Bitcoin with Gold as assets in the year 2020. According to him, from the beginning of this year, gold is up over 7% while on the other hand, the leading asset Bitcoin is down by 3%. He also highlighted that Gold is only 2% far away from its 2020 high as compared to Bitcoin which is 35% far away from its high of 2020. He believes that gold is performing well than bitcoin therefore he says, “only fools are choosing Bitcoin”.
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!
— Peter Schiff (@PeterSchiff) March 24, 2020
When Peter Schiff tweeted, the value of Gold was standing at $1594.12 per ounce. However, during this time, Bitcoin’s price recorded a loss of 5.92% by decreasing down from $7189 to $6763 according to the CryptoCompare’s data.
Gold performed well after the financial crisis of 2007-2008
Yesterday, on 23rd March, Peter Schiff mentioned the performance of gold in the financial crisis of 2007-2008 and how it performed after this crisis. He pointed out that the value of Gold faced a loss of 25% during this financial crisis and after 7 months, it made a new high. While, in the COVID-19 crisis, Gold has fallen down by only 15% therefore, he is expecting another new high from gold this time as well.
“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”, he said in the tweet.
Gold has indeed outshined the leading digital asset this year but we also cannot neglect the fact that in the longer-term period, the performance of Bitcoin is much more than Gold. However, this is the fact that Peter Schiff does not want to believe.
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