What concerns did Schiff raise on social media regarding Bitcoin’s performance?
- Peter Schiff criticized Bitcoin investors for ignoring its declining value against gold. Bitcoin’s year-to-date performance surpassed gold, rising 47% compared to gold’s 29% gain.
In a landscape buzzing with contrasting opinions, veteran analyst Peter Brandt suggests that Bitcoin [BTC] may outshine precious metals by 2025.
Schiff criticizes Bitcoin
Meanwhile, renowned economist Peter Schiff has taken a jab at Bitcoin investors, ridiculing their apparent indifference to the cryptocurrency’s waning value compared to gold.
Despite Bitcoin’s prominent media coverage, Schiff argues that its declining performance against gold deserves greater scrutiny, raising questions about the sustainability of its allure as a digital asset.
On the 26th of September, Schiff posed a critical question to Bitcoin enthusiasts on X(formerly Twitter), highlighting his concerns about a troubling trend.
“Are any Bitcoin #HODLers concerned that #Bitcoin is now down 35% priced in #gold since hitting its record high back in Nov. 2021? That’s almost three years ago. This is despite all the constant media hype, advertising, conferences, Wall Street ETFs, NFTs, MSTR, and El Salvador.”
The crypto community defends
In response to Schiff’s criticisms, numerous users on X defended Bitcoin, pointing out that the cryptocurrency achieved an all-time high earlier in March.
For instance, an X user said,
“Bitcoin hit a record high earlier this year, Peter.”
Adding to the fray was another X user who said,
Source: X
Despite this, Schiff maintained his focus on Bitcoin’s value when priced in gold, rather than its dollar valuation.
This emphasis on gold pricing highlights the ongoing debate between traditional assets and digital currencies, underscoring Schiff’s skepticism towards Bitcoin’s long-term viability as an investment.
Not the first time!
Well, this isn’t Schiff’s first foray into this debate.
In fact, during a recent discussion with Jack Mallers, he asserted that…
““I don’t think BTC qualifies as money. Money must be the most marketable commodity and has value. Bitcoin has none. It is used for exchange and speculation. Apart from that, it’s not used the way money is supposed to be like gold.”
This stemmed from a statement given by Mallers where he noted,
“BTC is the best money in human history…It’s the scarcest with a fixed supply, most portable, and most divisible…Over the last decade, BTC has had an annual average return of 60%, while Gold had a 2% return over the same duration.”
What lies ahead for Bitcoin?
In light of these discussions, AMBCrypto recently examined Bitcoin’s price performance, revealing that it was trading at $65,386.27, reflecting a 1.35% increase over the past 24 hours.
Bitcoin has surged by 47% so far this year, outperforming gold, which only gained by 29%.
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