Due to the recent Bitcoin price dump, along with the heavy decline of the stock market and oil, Peter Schiff's criticism of BTC seems to be getting stronger. Euro Pacific Capital CEO and gold lover, Schiff, has been tweeting about Bitcoin nearly every day over the past week.
This time, he says that Bitcoin, as he sees it, is no longer a non-correlated asset and explains why.
Bitcoin under fire, Schiff reloads the gun
In his recent tweet, the Euro Pacific Capital chief claimed that Bitcoin cannot be called a non-correlated asset anymore. As proof, he says that BTC is positively correlated to risk assets and its correlation to safe-haven ones is negative.
When risk assets, such as stocks, go down, Schiff says BTC goes down heavier. It also rises much less when safe haven assets soar (such as gold), as per him. Therefore, BTC cannot be valuable, Schiff concludes.
Earlier, during a recent TV interview, Anthony Pompliano from Morgan Creek Digital called Bitcoin a non-correlated asset and Peter Schiff started arguing with him on Twitter.
Crypto experts disagree
The chief of digital assets at VanEck, Gabor Gurbacs, responded to Schiff's criticism, dismissing his arguments and saying that the Bitcoin critic does not want to learn.
Previously, Gurbacs also called any efforts to convert Schiff to Bitcoin through healthy explanations 'a waste of time'. He tweeted:
“It’s a waste of time. Many have explained to him and I even shared my presentation. He is doing this to instigate people. Not worth your time.”
Trader Carl Eric Martin, also known as The Moon Carl, also responded to Schiff, saying that Bitcoin is the most scarce asset and that it has no default risk. He also rebuked Schiff, saying that it is hardly affordable to remain a BTC critic for much longer.
Bitcoin loses less than stocks
Earlier, the CEO of Ajoobz.com shared data saying that, compared to the stock market losses (30 percent), Bitcoin has lost less than ten percent, hinting that BTC remains much stronger than conventional investment tools.