When Peter Schiff first publicly discussed his disdain for Bitcoin on Joe Rogan’s podcast in January 2014, the cryptocurrency traded at less than $1,000.
As BTC embarked on a Monday rally, climbing above $41,000 for the first time since April 2021, Schiff used the occasion to celebrate a decade of Bitcoin bashing by engaging in two of his favorite pastimes – bigging up the gold market and predicting the cryptocurrency’s impending doom.
As he has almost continuously for the past 10 years, on Monday, December 04, Schiff warned that the price of Bitcoin is on course for a “spectacular” crash. Arguing that market excitement surrounding spot Bitcoin Exchange Traded Funds (ETFs) amount to a “speculative frenzy,” he predicted that the $41K milestone could be Bitcoin’s swan song.
Schiff’s argument appears to rest on his belief that an anticipated Bitcoin ETF approval will trigger a mass selloff from speculative investors.
However, in his multiple warnings that the market is primed to collapse once Bitcoin ETFs are approved by the Securities and Exchange Commission , Schiff hasn’t once attended to the reason investors are so hyped about the prospect.
Over the years, Schiff’s invariably pessimistic Bitcoin predictions have usually been accompanied by comments on the strength of the Gold market.
Unsurprisingly, he has lauded a recent Gold rally that saw the asset climb to an all-time high price of over $2,110 on Monday. In contrast, he dismissed crypto as “fool’s gold.”
The latest gold price represents price gains of nearly 100% in 10 years. Not bad, but in the same period, BTC pumped around 50x (and much more at its peak) – so who’s really the fool?