It appears that the gold bug is simply grasping at straws to demonize an asset class that’s become a serious competitor of gold as a store of value.
Peter Schiff has once again caught the attention of Crypto Twitter (CT) when he talked about bitcoin.
The 56-year-old gold bug has a penchant for taking a swipe at bitcoin whenever an opportunity presents itself. On Friday, the chief executive of Euro Pacific Capital publicly criticized the No. 1 cryptocurrency for not blessing its investors with a Santa Claus rally. According to Schiff, every other asset is rallying into the year-end except for the top cryptocurrency.
At this point, CT has learned that Schiff’s tweets against bitcoin are not to be taken seriously. It appears that the gold bug is simply grasping at straws to demonize an asset class that’s become a serious competitor of gold as a store of value. This is why bitcoin supporters often respond by pointing out the facts with a pinch of humor.
Peter Schiff is right about one thing. Bitcoin is pivoting from its store of value narrative to become the world’s one and only uncorrelated asset. This means that if assets such as stocks, commodities, and bonds dump, bitcoin will likely continue to trade as usual. The price movement of other assets has little to no influence on the value of bitcoin.
Other than that, Schiff’s tweet offers very little value even to his most ardent followers. As of this writing, the tweet has garnered over 280 comments. Many of the comments point out the obvious: the dominant cryptocurrency is up big this year.
On top of that, bitcoin has outperformed all other assets in 2019. Looking at other asset classes, nothing comes close to the No. 1 cryptocurrency’s gains:
Twitter user Sir Lambo Moon made Schiff aware of this glaring piece of fact.
If the gold bug is purposefully antagonizing bitcoin supporters to boost his engagement on Twitter regardless of the damage to his reputation, I’d say he’s doing a fine job. Peter Schiff tried to fend off the onslaught from the crypto community by stating that bitcoin is the worst performer for the second half of this year.
This tweet created a new thread where bitcoin enthusiasts poked fun at Schiff’s ludicrous argument. For instance, a pseudonymous user named Nate used the same cherry-picking strategy to mock the gold bug’s point.
Others were quick to point out that investing is a long-term game. User XRPeuphoria made a simple rebuttal that Schiff could have made serious gains over the last decade if he invested in bitcoin instead of sticking to gold.
Lastly, there are some who appear to be concerned about the gold bug’s mental health. Perhaps gold’s weak performance since Schiff predicted the precious metal’s climb to $5,000 is giving him undue stress.
Whatever Schiff’s reason may be, CT is no longer taking him seriously. Many are content by simply pointing out the facts.
This article was edited by Gerelyn Terzo.
Last modified: January 22, 2020 11:40 PM UTC