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 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:
Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!