Bitcoin Price Has Fallen 53% Priced in Gold since June 2019 – HODLers Remain Delusional: Peter Schiff

News
Thu, 07/02/2020 - 12:13
Yuri Molchan
Vocal critic of Bitcoin, Peter Schiff, has come up with yet another explanation for why Bitcoin holders are going to eventually lose to gold investors
Cover image via en.wikipedia.org
Contents

The prominent Bitcoin hater and gold bug, Peter Schiff, has offered another reason why, in his view, investing in gold (XAU) is much better than Bitcoin (BTC).

‘Bitcoin has fallen 53% priced in gold since June 2019’

Getting on his hobby horse, Mr. Schiff has referred to summer 2019, when Bitcoin reached a high of $12,546 on June 26.

Image via CoinMarketCap

Since that time, Schiff wrote, Bitcoin has declined 33 percent and his favorite investment asset, gold, has increased by 27 percent.

Presenting here, Bitcoin priced in gold, the Euro Pacific Capital CEO stated that Bitcoin has become 53 percent cheaper and called gold’s long-term trend more favorable than that of Bitcoin.

Concluding his message, Mr. Schiff called Bitcoin hodlers delusional.

Image via @PeterSchiff

Related
Gold Bug Peter Schiff Says Bitcoin Is 'Unlikely' to Reach $25,000

Mark Yusko, Novogratz love both BTC and gold

Not all institutional investors choose gold over Bitcoin (like Peter Schiff) or the other way round.

The Morgan Creek Capital founder, Mark Yusko, and the Galaxy Digital CEO, Mike Novogratz, are among those who prefer both, although Novogratz admitted that, after all, he loves Bitcoin (which is often referred to as digital gold) more than XAU.

In one of his recent tweets, Mr. Yusko wrote that both Bitcoin and gold are real money.

Peter Schiff is among those who prefer old-school assets that remain a safe haven. He refuses to pay attention to BTC and frequently criticizes it.

However, in a recent podcast, where Schiff spoke to Anthony Pompliano of Morgan Creek Digital, the old-school investor admitted that Bitcoin might do well over the next few years.

But in the end, he said, this ‘bubble’ is bound to burst.

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, can be contacted at yuri.molchan@u.today.


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