Peter Schiff Expects Gold to Outshine Bitcoin in Coming Years

Peter Schiff Expects Gold to Outshine Bitcoin in Coming Years

Bitcoin skeptic Peter Schiff expects gold to hit the moon and Bitcoin (BTC) to crash back to earth, according to Cointelegraph website.

It seems that Schiff insists on provoking the crypto community with his severe criticism to Bitcoin.

He said the crypto community suspected him of not knowing the technologies underpinning Bitcoin, indicating that “Bitcoin bugs” had weak knowledge of money and its history:

“Bitcoin bugs accuse me of not understanding technology. But as I engage them on Twitter, I discover just how little so many of them understand about money, or its history. That helps explain why they were so easily suckered into #Bitcoin, and are so dismissive of #gold.”

Community responds

One describing himself as lover of Bitcoin and racquetball responded to Schiff’s twitter, saying:

“It’s the year 2020, it’s about time we stop using rocks as money or a store of value. It worked great for cavemen and non-digital societies. However, we are more advanced than that now. #Bitcoin is simply the better form of money and to store your wealth in.”

Accusing Schiff of promoting his gold business, ClawManSlippy said:

“Why are you framing this up as Gold v. Bitcoin when the actual enemy of wealth is unlimited money printing by global governments? Or is this just a sales pitch for your business interests?”

Schiff: Bitcoin would never succeed as money

Cryptolydian earlier reported Schiff as saying that those who did not follow his advice, and invested in Bitcoin almost 10 years ago managed to make strong profits.

Schiff expected the Bitcoin to become a fad in early 2011 when it was trading at nearly $30.

However, he remained skeptical throughout all these years, even when the Bitcoin began taking accelerated steps towards price hikes.

In October 2019, Schiff predicted that the Bitcoin price would reach the $200 levels. Crypto analysts mocked those expectations, claiming that they lack accurate and sufficient criteria.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.