Peter Schiff Says Good Understanding of Bitcoin Teaches Him to Store Only Gold

News
Sat, 07/04/2020 - 11:24
Yuri Molchan
Peter Schiff, a renowned Bitcoin opponent, has tweeted that good understanding of Bitcoin and gold prompts him to invest in gold only
Cover image via www.facebook.com
Contents

In the course of a Twitter discussion the outspoken Bitcoin hater and gold advocate Peter Schiff tweeted that his extensive understanding of both Bitcoin and gold pushes him to owning only gold, without BTC.

The BTC price vs gold price poll

The other day Peter Schiff offered his subscribers a Bitcoin-vs-gold poll on Twitter. The poll was about how soon the gold price is likely to overcome the price of one Bitcoin. However, one of the options stated ‘never gonna happen’.

In the end, this very option got the majority of the votes.

Related
Peter Schiff Admits Not Buying Bitcoin (BTC) Earlier Was Mistake

Understanding Bitcoin teaches Schiff not to own it

The Euro Pacific Capital CEO commented on the results of the poll, saying that contrary to what multiple articles stated, the results of the poll did not backfire at him at all.

The gold bug added that he deliberately added this pro-Bitcoin choice to the survey to watch Bitcoin supporters try and convince others to get some BTC.

Image via @PeterSchiff

While replying to a comment under the tweet, Peter Schiff explained to a user why he does not Bitcoin despite all arguments that come from Bitcoin supporters.

Schiff stated that he understands both Bitcoin and gold very well and for this very reason, he owns only gold.

Image via @PeterSchiff

A prominent crypto trader Josh Rager advised Schiff to get a small amount of BTC, so that he could enjoy BTC price reaching new heights, instead of simply hating Bitcoin.

Schiff gives Bitcoin a few more years

As U.Today reported previously, in a talk between Anthony Pompliano and Schiff in the forecast of the former, the gold bug admitted that Bitcoin may be doing well for a few more years and see a major price rise.

However, Schiff reckons that after that the ‘Bitcoin bubble’ will burst anyway.

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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