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.
#Bitcoin bugs are accusing me of ignoring Bitcoin's 12% gain today, while tweeting about gold's 7% rise. Bitcoin is still in a bear market. It's still down 35% from its 2020 high, and 3% YTD. In contrast, gold is in a bull market. It's only 2% below its 2020 high, and up 7% YTD.— Peter Schiff (@PeterSchiff) March 24, 2020
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.
Gold is down 13% since 2011 highs. Bitcoin is up *6000 times+* since early 2011. Bitcoin also outperforms gold in most standardized time periods. Once again, history and standardized performance conveniently ignored. Why not be fair to Bitcoin?— Gabor Gurbacs (@gaborgurbacs) March 24, 2020
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:
#Bitcoin isn’t the virus; it’s the vaccine.💉— Gabor Gurbacs (@gaborgurbacs) March 24, 2020