Gold bug Peter Schiff explained on his Twitter why investors are currently looking at Bitcoin rather than gold. However, his opinion is still the same – Bitcoin is no match for gold.
Let’s take a look why Peter Schiff has this opinion.
Accepted with skepticism
Peter Schiff is a well-known critic of Bitcoin and many of you will surely know him under the nickname “Gold bug”. Despite the rise in the price of Bitcoin, according to Shiff, the current investment popularity of Bitcoin can be explained by the fact that exuberant investors flock to risky assets, which also include Bitcoin. According to him, however, there is no evidence that Bitcoin is a superior store of value. As usual, the community supporting Bitcoin accepted his opinion on Twitter with a dose of skepticism.
Interestingly, Peter Schiff maintains this view, even though Bitcoin proves over and over that its value is growing, which cannot be said about gold at all. If you compare the gold and Bitcoin tables, Bitcoin performs much better. Although during the first wave of the pandemic, people began to invest en masse in precious metals and cryptocurrencies.
However, the popularity is growing
This year, people have invested in cryptocurrencies and gold in a fear of a falling dollar. The popularity of both preservers of value has increased. Bitcoin recently broke the $ 18,000 mark and it is quite possible that we will see a new high this year. But it still takes some time to break $ 20,000. We will see what the future holds and whether we can look forward to a new high that could prove to skeptics that they are wrong in Bitcoin.
Due to history, we have to compare Bitcoin and gold. Both assets have helped and are helping people to protect their money, preserve value and/or value investments. Peter Schiff’s view is understandable in some respects. However, times are changing and with it the possibilities of investing and preserving the value of money are growing.