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Bitcoin (BTC) Has Massively Outpaced Gold (XAU) Since 2011: VanEck’s Expert

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Wed, 03/25/2020 - 10:21
Yuri Molchan
When replying to gold bug Peter Schiff, Gabor Gurbacs from VanEck offered proof that BTC has been doing much better than gold and is over 6,000x times up since 2011
Cover image via stock.adobe.com
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On Tuesday, March 24, Bitcoin hater and gold proponent Peter Schiff stated that the flagship crypto may never see a new high again, unlike gold.

Now, VanEck’s expert on crypto, Gabor Gurbacs, responded to Schiff, offering a different look at the gold-vs-Bitcoin situation.

Bitcoin is still in a bear market: Peter Schiff

The chief of Euro Pacific Capital, Peter Schiff, took to Twitter to criticize Bitcoin again as opposed to his favourite, gold (XAU). He was ignoring the 12-percent rise BTC showed on Tuesday, only drawing attention to gold’s seven percent rise.

He stated that BTC was still in a bear market, unlike gold.

Related
Best Reason to Buy Bitcoin (BTC) and Gold (XAU) Now Revealed by Mike Novogratz

Bitcoin outperforms gold: Gabor Gurbacs

Gabor Gurbacs, a major expert on crypto at VanEck, has responded to Peter Schiff, offering facts contradictory to those tweeted by the head of Euro Pacific Capital.

Gurbacs also shared figures about XAU and BTC, stating that from 2011 XAU is down 13 percent. Unlike the traditional hedge tool, Bitcoin is ‘6,000 times +’ up from the same year, the VanEck’s expert said.

Besides, he insisted that Bitcoin has done better than XAU in most standardized time periods.

Commenting on the recent moves of the Fed and the US government regarding the QE program and sending $1,200 cheques to US citizens to support them throughout the coronavirus pandemic, Gabor Gurbacs stated:

About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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