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Billionaire Paul Tudor Jones Was Wrong to Bet on Bitcoin, Peter Schiff Claims

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Wed, 07/22/2020 - 08:09
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Yuri Molchan
Peter Schiff has called Bitcoin the slowest horse in the race, referring to Paul Tudor Jones, while another big crypto critic from Bloomberg TV also took a jab at Bitcoin
Billionaire Paul Tudor Jones Was Wrong to Bet on Bitcoin, Peter Schiff Claims
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Major Bitcoin antagonist Peter Schiff has tweeted that the billionaire Paul Tudor Jones, who recently allocated around two percent of his portfolio to Bitcoin, was wrong to bet on BTC since it is "the slowest horse in the race."

Meanwhile, another vocal Bitcoin critic, a popular TV anchor, published a tweet saying that Bitcoin has been the only asset that has not been growing recently.

"Bitcoin will not even finish the race"

Outspoken Bitcoin hater and gold bug Peter Schiff recently took to Twitter again to criticize Bitcoin, calling it "the slowest horse in the race." This time, Schiff tagged billionaire Paul Tudor Jones, an old-school investor.

Earlier this year, in May, Jones announced that he had put around two percent of his investment portfolio into Bitcoin. Back then, the Bitcoin price had surged above the $9,800 level and the billionaire was buying into Bitcoin despite this fact. Back then, he made a positive comparison between Bitcoin now and gold in the 1970s, calling BTC "the fastest horse." Hence, Schiff's tweet about the "slowest horse."

Peter Schiff first called Bitcoin "the slowest horse" in the race of assets and then added that Bitcoin will not even finish the race. According to Schiff, Paul Tudor Jones will be much better off in the future if he now buys silver or gold/silver mining stocks.

BTC
Image via Twitter

"Rich Dad, Poor Dad" author praised Jones for embracing Bitcoin

As covered by U.Today previously, the renowned investment guru and author of "Rich Dad, Poor Dad," Robert Kiyosaki, mentioned that Jones had entered Bitcoin as a signal for other conventional investors to follow suit.

Kiyosaki is himself a big Bitcoin fan and, unlike Peter Schiff, he now puts Bitcoin, silver and gold on opposite sides of the barricadeshe is a proponent of BTC, XAU and XAG as hedges against inflation and recession.

Related
John Bollinger on Bitcoin Price: "We Need to See Follow-Through or We'll Be Setup for Real Trouble, a Head Fake"

Bloomberg TV anchor kicks BTC

Joe Weisenthal of Bloomberg TV, another major Bitcoin critic, has taken to Twitter to suggest that these days everything (the stock market, gold and more) has been surging except for Bitcoin:

"Seems like we don't talk enough about how almost everything is surging these days except for Bitcoin."

However, on July 21, Bitcoin's price showed a rise from the $9,167 level to $9,313 (and then briefly spiked to $9,399), as per figures from CoinMarketCap.

BTC
Image via CoinMarketCap
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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.