Peter Schiff Criticizes Bitcoin Bulls For Calling The Cryptocurrency A Non-Correlated Asset

• Peter Schiff criticized the Bitcoin pumpers for calling the highest market cap cryptocurrency a non-correlated asset.
• His criticism stems from a comment made by Anthony Pompliano in an interview on CNN.
• Schiff acknowledges digital gold as the first to have fallen apart, and then came digital currencies after it.

Famous anti-Bitcoinist, Peter Schiff criticized the Bitcoin pumpers for calling the highest market cap cryptocurrency a non-correlated asset. Schiff complains that this is the latest effort from bulls to push Bitcoin prices as the current market is on a strong correction after a major bull run over the past month. 

As the digital #gold narrative falls apart, as did the digital currency narrative that proceeded it, #Bitcoin pumpers are pivoting to the non-correlated asset angle. They argue Bitcoin should be bought because its uncorrelated to every other financial asset, including gold.

— Peter Schiff (@PeterSchiff) February 26, 2020

His criticism stems from a comment made by Morgan Creek Digital co-founder Anthony Pompliano in an interview on CNN, where he stated that Bitcoin is a non-correlated and functions independent of any other asset.

Bitcoiners don’t say that. The math says that.

— Pomp ? (@APompliano) February 26, 2020

Peter Schiff versus Bitcoin on Twitter once Again

Schiff acknowledges digital gold as the first to have fallen apart, and then came digital currencies after it. Peter Schiff’s twitter is known for hotspot for ranging Gold vs twitter debate. He believes that the Bitcoin proponents are trying to push the cryptocurrency as a non-correlated asset, to back the security of investing into Bitcoin. Unlike what Schiff believes is a motive for getting the public to invest in Bitcoin. The cryptocurrency’s non-correlated nature has been proven time and time again as the most seemingly random events have sparked major fluctuations to Bitcoin value, and the coin has acted mostly independent of any other asset.

Twitter reacts to Peter Schiff’s Remark on Bitcoin

“Twitterati,” on the other hand, had a strong response against Schiff’s continued bashing of the cryptocurrency, with one user John (@JKwoski) replying to the gold bug that humanity is past the time where physical assets like gold should be used as money or a store of value. Such physical valuables served as money for our ancestors, and John states that we are much more technologically advanced now, and Bitcoin is the future for money and investments.

People also criticized the automobile early on saying it won’t last bcz it’s not reliable, it’s always breaking down on the side of the road. Your horse never breaks down, and you can use them on your farm too. ??? Some people are so short-sided & narrow-minded. Sad for them.

— john (@JKwoski) February 27, 2020

He also mentions how Bitcoin solves most of gold’s shortcomings as a form of money in its “physicality, importance as storage, security, transfer are challenging and expensive.” Bitcoin already passed gold in value in 2017 and has since then proven to be a better investment tool than gold time and time again, but this hasn’t deterred Schiff from occasionally breaking down over Bitcoin, trying to take pessimistic perspectives against the coin.

GoldBug Peter Schiff: A Known Bitcoin Critic

Schiff has previously been known to have a negative attitude towards cryptocurrencies and Bitcoin, in particular, and has made numerous false statements and predictions trajectory of Bitcoin value. Some have even accused him of making critical calls of Bitcoin to manipulate and harm the cryptocurrency market sentiment.

Some also see this as a fluttering attempt from Schiff’s side to bring down the cryptocurrency as he is a strong proponent of gold and owns a major firm, SchiffGold, that deals with gold investments. This can be considered as another one of Schiff’s numerous crackdowns on Bitcoin, without understanding the incredible potential that the cryptocurrency holds.