The well-known Bitcoin critic and supporter of gold, Peter Schiff, unflattering commented on the mental abilities of investors who prefer to invest in cryptocurrency rather than in precious metal.
It all started with a Schiff tweet in which he recalled the role of gold as a protective asset in the 2008 crisis.
During the 2008 financial crisis, #gold fell about 25% and took 7 months to make a new high. This time gold only fell about 15%, and may make a new high in under a month. This shows how much greater this financial crisis is, and how much more reckless current Fed policy is.
– Peter Schiff (@PeterSchiff) March 24, 2020
“During the financial crisis of 2008, gold fell by about 25% and after 7 months rose to a new maximum. This time, the fall is only 15%, and a new peak may be less than in a month ” – wrote the chairman of SchiffGold.
In response, they noticed that bitcoin grew by 12% per day, while the stock market continued to fall, and Schiff reacted emotionally:
“Only fools choose bitcoin. So far this year, gold has grown by more than 7%, while BTC has fallen by 3%. Gold is 2% of the annual maximum, while Bitcoin is 35% lower. ”
Only fools are choosing Bitcoin. So far this year gold is up over 7%, while Bitcoin is down 3%. #Gold is only 2% from its 2020 high, while #Bitcoin is 35% below its 2020 high!
– Peter Schiff (@PeterSchiff) March 24, 2020
In the comments, Schiff’s attention was drawn to the fact that bitcoin has risen 88% in price over 12 months, while precious metals added only 15%. In addition, users pointed to such advantages of bitcoin as ease of acquisition and storage. For example, a resident of Australia said that for five days he could not buy physical gold.
In the end, Schiff was advised to “not be a fool” and buy bitcoin.
Earlier, Morgan Creek Digital co-founder Anthony Pompliano presented him with a certain amount of the first cryptocurrency, so that the irreconcilable critic would get to know her better.
However, Schiff soon announced a loss of access to his Blockchain wallet. Later it turned out that he had mixed up the PIN code with the password, and he did not have a copy of the seed phrase.
Recall, Schiff, a gold supporter, nevertheless expressed regret that he did not buy bitcoins for $ 10. But at the current price, he is no longer ready to do this.
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