Peter Schiff challenges Bitcoin's value against gold, igniting heated debate over cryptocurrency's long-term viability.
Bitcoin’s year-to-date performance surpassed gold, rising 47% compared to gold’s 29% gain.Meanwhile, renowned economist Peter Schiff has taken a jab at Bitcoin investors, ridiculing their apparent indifference to the cryptocurrency’s waning value compared to gold.
Despite Bitcoin’s prominent media coverage, Schiff argues that its declining performance against gold deserves greater scrutiny, raising questions about the sustainability of its allure as a digital asset.“Are any Bitcoin #HODLers concerned that #Bitcoin is now down 35% priced in #gold since hitting its record high back in Nov. 2021? That’s almost three years ago. This is despite all the constant media hype, advertising, conferences, Wall Street ETFs, NFTs, MSTR, and El Salvador.
This emphasis on gold pricing highlights the ongoing debate between traditional assets and digital currencies, underscoring Schiff’s skepticism towards Bitcoin’s long-term viability as an investment.““I don’t think BTC qualifies as money. Money must be the most marketable commodity and has value. Bitcoin has none. It is used for exchange and speculation. Apart from that, it’s not used the way money is supposed to be like gold.
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