Peter Schiff Celebrates Gold’s All-Time High, Slams Bitcoin
Peter Schiff, Global Strategist at Europac, has reiterated his belief that Bitcoin will not have a bright future in the ongoing battle between gold and Bitcoin. Schiff, a proponent of gold, highlighted the recent rise in the price of the precious metal, which has now surpassed $2,450.
Schiff took a jab at Bitcoin, pointing out that it has dropped 30% since reaching its record high in 2021. He emphasized the stability and value of gold compared to Bitcoin, which he referred to as a speculative bubble. His opinions come amidst significant fluctuations in the price of Bitcoin, intensifying the rivalry between traditional assets and digital currencies.
#Gold just hit another record high. It’s up over $25, trading just below $2,450. It won’t be long before it breaks above $2,500. In contrast, priced in gold, #Bitcoin is down 30% from its 2021 record high almost three years ago. Wake up and smell the bear market #HODLers.
— Peter Schiff (@PeterSchiff) July 16, 2024
The Ups And Downs Of Bitcoin
The past few weeks have been challenging for Bitcoin as the leading crypto asset experienced a slow decline, settling around $65,000. In mid-March, it surged to over $73,000, but three months later, it took a downward turn losing $60,000 of its value, dropping to $52,000 at the start of July.
This downtrend coincided with significant sell-offs by whales and the German government, causing turbulence in the market.
Bitcoin is currently trading at $65,329. Chart: TradingView
Despite the challenges, Bitcoin has shown resilience, gradually climbing back up in recent days. It is now priced at $64,570, reflecting a 5% increase in the last 24 hours.
While some investors are optimistic about this minor recovery, Schiff remains unimpressed, dismissing it as a temporary uptick in a larger downward trend and urging investors to reconsider their Bitcoin holdings.
BTC up in the last 24 hours. Source: Coingecko
The Great Debate: Value Based On Intrinsics Vs. Probability
Peter Schiff’s criticism of Bitcoin is not new, as he continues to label it as a “speculative asset” lacking real value, especially when compared to assets like gold.
According to Schiff, the recent price declines in Bitcoin signal an impending burst of the bubble, attributing them to individuals chasing quick riches without grasping the fundamentals of value.
While Schiff’s remarks have garnered attention, many in the Bitcoin community believe in the cryptocurrency’s long-term potential to revolutionize the financial landscape, viewing it as more than just a volatile asset.
They argue that Schiff’s perspective is outdated and fails to acknowledge the transformative power of blockchain technology.
Featured image from Pexels, chart from TradingView
Source link
#Bitcoin #Bites #Dust #Peter #Schiff #Celebrates #Gold #ATH #Trashes #Crypto
