Main navigation

Peter Schiff Believes Bitcoin (BTC) Is Losing to Gold Despite 20% Rally: Here's Why

Tue, 03/14/2023 - 10:14
article image
Arman Shirinyan
Peter Schiff compares two assets once again following impressive performance of BTC
Peter Schiff Believes Bitcoin (BTC) Is Losing to Gold Despite 20% Rally: Here's Why
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Famous Bitcoin critic Peter Schiff has once again taken to social media to express his skepticism toward the world's leading cryptocurrency, Bitcoin. In a recent tweet, Schiff claimed that Bitcoin is underperforming against gold, despite the recent spike in Bitcoin prices. He argued that the 20% rise in Bitcoin prices as a result of the long-awaited Fed pivot is not indicative of it being a better inflation hedge than gold, as both Bitcoin and gold prices only returned to their February levels.

Schiff's tweet sparked a conversation on Twitter, with Binance CEO Changpeng Zhao chiming in to express his agreement with Schiff. Zhao acknowledged that gold is almost as good as Bitcoin in terms of being a hedge against inflation.

Thousand Ethereum Holders Join Class Suit Against New York State Attorney General

Schiff has long been known for his criticism of Bitcoin, calling it a "bubble" and a "Ponzi scheme." He has also been a vocal proponent of gold as a superior store of value, often advocating for investors to allocate their portfolios to the precious metal.

Despite Schiff's skepticism toward Bitcoin, the cryptocurrency has continued to gain traction among institutional investors and corporations. Tesla, MicroStrategy and Square are just a few of the companies that have invested billions of dollars in Bitcoin.

Bitcoin's price performance has also been impressive, having reached an all-time high of nearly $65,000 in April 2021. However, the cryptocurrency has faced some setbacks in recent months, with its value dropping significantly.

While the debate over whether Bitcoin or gold is a better store of value and hedge against inflation continues, it is clear that both assets have their proponents and detractors. Investors should carefully consider their investment objectives and risk tolerance before making any investment decisions.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.