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- The well-known economist and radio personality Peter Schiff once again commented on Bitcoin. Comparing BTC with the gold, he pointed out that BTC lacks fundamental value.
- Schiff’s tweet signifies that over the past several years, the Bitcoin holders’ stabbed fun at gold investors as BTC has gained so much value than gold.
- The reason behind the gold bug’s criticizing bitcoin is that he finds the BTC has no intrinsic value or physical existence.
The well-known economist and radio personality Peter Schiff once again commented on Bitcoin. Comparing BTC again with the gold, he pointed out that BTC lacks fundamental value. He bashed at Bitcoin by saying that gold will outperform Bitcoin and BTC will crash.
Peter Schiff’s Ardent Hate Over Bitcoin
The top coin is always a matter of talk in the market and many speculators compare it with gold. Among them, Peter Schiff is the one who is known for refuting Bitcoin’s value. Many crypto lovers commonly referred to Bitcoin as digital gold. Earlier, Jerome Powell, the Chairman of the US Federal Reserve remarked bitcoin as a speculative store of value, similar to gold.
Today, he shared his view on Twitter by saying Bitcoin will ultimately crash back to earth.
Over the past several years Bitcoin hodlers poked fun at gold investors because #Bitcoin gained so much more than #gold. Over the next several years those roles will reverse, but not because gold rises more than Bitcoin, but because gold moons as Bitcoin crashes back to earth.
— Peter Schiff (@PeterSchiff) April 11, 2020
Schiff’s tweet signifies that over the past several years, the Bitcoin holders’ stabbed fun at gold investors as BTC has gained so much value than gold.
Further, he added, for the coming several years the situation will be exactly reverse, this will be not because gold rises more than Bitcoin, but it will be due to the gold moons as Bitcoin will crash back to earth.
BTC has no intrinsic value or physical existence
The reason behind the gold bug’s criticizing bitcoin is that he finds the BTC has no intrinsic value or physical existence.
Countering to his tweet, one of the users responded that gold is old. And in this era, we stop using rocks as money or a store of value. It worked great for cavemen and non-digital societies. However, we are more advanced and Bitcoin is simply the better form of money and to store your wealth in.
Cavemen didn't invent money, it was not invented until about 5K B.C. Gold only became money about 700 BC. So its actually pretty modern. Plus it's a metal, not a rock. Bitcoin will never be money. Not even cavemen would be dumb enough to accept it.
— Peter Schiff (@PeterSchiff) April 11, 2020
To which, Schiff replied that gold is the only asset that became money about 700BC and is actually modern, but Bitcoin would never be money, not even the cavemen would be dumb enough to accept it.
Though Gold and Bitcoin supports have been antagonistic to each other for years, some analysts find that the assets will prove safe-haven for them.
