bitcoin, gold
Anthony Pompliano schooled gold bug Peter Schiff by pointing out that bitcoin has gained more this year than gold has in the last 10. | Credit: Wit Olszewski/
  • Bitcoin maximalist Anthony Pompliano claims he will never bail out of his long positions.
  • Gold cheerleader Peter Schiff likens this to a Titanic captain – loyal but misguided.
  • Even with its recent price plunge, bitcoin is still massively outperforming gold.

At What Point Will Bitcoin Maximalists Capitulate?

Peter Schiff never passes up a good opportunity to roast bitcoiners. The flagship cryptocurrency’s unexpected decline in the second half of this year has not gone unnoticed for (arguably) gold’s biggest cheerleader.

But maximalists like Anthony ‘Pomp’ Pompliano of Morgan Creek Digital are serious “hodlers” of last resort. And when speculators ask at what point Pomp will be shaken out of this interim bear market, his only response is: “Impossible.”

Bitcoiners Are Going Down With the Ship

Pomp has reason to be a maximalist. Earlier this year, he proclaimed that he had placed a staggering 50% of his net worth in bitcoin. He was promptly shamed for doing so.

And Schiff is inclined to agree. Last month he insinuated that bitcoin is nothing more than a pump and dump scheme designed simply for whales to offload their heavy bags.

He nevertheless gave credit to this Titanic captain, arguing that, at his age, he can still recoup the devastating losses:

Bitcoiners going down with the ship
Pomp schools Schiff on Bitcoin’s 2019 gains | Source: Twitter

Bitcoin vs Gold – by the Numbers

As Pomp so poignantly points out though, bitcoin’s gains this year still outpace gold in the last decade.

It’s difficult to articulate since bitcoin has rallied several hundred thousand percent from a starting price of zero to today’s price. It currently hovers near $7,100. By comparison, gold is up roughly 27% percent in the same time frame but at about one-fifth of the price.

More recently, a simple percentage chart shows that even with a recent sub-$7,000 price plunge, crypto’s first-mover still outshines the ancient yellow metal some 14-fold in 2019.

Bitcoin up considerably more than gold
Bitcoin is still up considerably more than gold in 2019 | Source: TradingView

Schiff, who owns his own gold and silver brokerage, naturally wants to pump his own product.

But if there’s only one thing any astute investor should have learned from him by now, it’s this: following his calls religiously since 2011 would have cost you 44,400% in bitcoin gains.

This article was edited by Gerelyn Terzo.

You May Also Like

3 Key Things the Mainstream Financial Media Is Missing About Bitcoin

Mainstream media is out spreading fear, uncertainty, and doubt (FUD) about bitcoin…

Crypto Developer’s Arrest for Aiding North Korea Echoes Eerily Prophetic 2008 NYT Profile

Ethereum developer Virgil Griffith was arrested for teaching North Korea about crypto. A decade earlier, the NYT wrote an eerily prophetic profile on him.

Ethereum’s Vitalik Buterin to Sign ‘Free Virgil Griffith’ Petition Following FBI Arrest

Ethereum co-founder Vitalik Buterin is signing a petition to free estranged Virgil Griffith who was arrested by the FBI on thanksgiving.

Analyst Explains Why Bitcoin Price Could Plummet to $2,020 in 2020

An analyst says bitcoin could crash to $2,000 to $3,000 range as…

VeChain (VET) Jumps a Whooping 26%, Thanks to an Iconic Retro Game Remake

Contrary to the rest of the crypto market VeChain (VET) is up 26% today and showing no signs of slowing down, but what’s driving the token?

Bitcoin Price Suffered 31% November Slump But a Hostile China Boosts Outlook

Bitcoin price dropped by 31% since October. Yet, Spencer Bogart sees strengthening fundamentals pushing BTC up in the medium-term.