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Here’s Why Current Gold Rise May Be Bad for Bitcoin, According to Peter Schiff

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Thu, 10/14/2021 - 10:00
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Yuri Molchan
Famous Bitcoin critic and gold bug Schiff slams SHIB, states that the current gold spike brings bad news for the leading digital currency, BTC
Here’s Why Current Gold Rise May Be Bad for Bitcoin, According to Peter Schiff
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Head of SchiffGold fund and CEO of Euro Pacific Capital, vocal Bitcoin hater Peter Schiff, has taken to Twitter to share that the current rise of the gold price is bad news for Bitcoin.

"Rising gold is bad news for Bitcoin"

Schiff's son Spencer, who is a Bitcoiner unlike his father, stated that the precious metal has added merely 2%, but that did not convince his crypto-skeptical father.

Schiff tweeted that gold has finally taken off after worse than expected data on inflation had been released. Bad news on inflation is good news for gold, he stated, adding that this rally is likely to be sustainable and has a long way to go.

The gold bug also claimed that gold's rise is bad news for Bitcoin since, if real gold is going up, then "there's no need for a cheap imitation."

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"SHIB has as little value as Bitcoin"

Last week, Peter Schiff also tweeted about the current hot trend in crypto—the Shiba Inu (SHIB) meme cryptocurrency.

In the comment thread under the tweet where he accused the CEO of MicroStrategy, Michael Saylor, of pumping Bitcoin, Schiff also mentioned SHIB.

According to him, SHIB is as worthless as the flagship cryptocurrency.

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About the author

Yuri is a crypto 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 in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.