In a recent rant on X (formerly Twitter), Peter Schiff, an anti-crypto global strategist at Euro Pacific Precious Metals and the host of the Peter Schiff Show podcast, again attacked Bitcoin maximalists.
“While a temporary move up to $100K is possible, a permanent move down to zero is inevitable,” said Peter in February 2021. This time, he took to X to re-instill his faith in gold and concerns about Bitcoin’s scarcity and impending censorship issues. He questioned Bitcoin holders and stated why Bitcoin-linked equities are not performing well while Bitcoin’s price may reach 100K as per Bitcoin’s halving price predictions.
To mock fellow crypto enthusiasts, he stated, “Sell your fool’s gold and buy the real thing’ as he does not accept that Gold as a metal is equivalent to Bitcoin’s position in the market. His belief is that Bitcoin is backed by nothing and has no use cases so far. He can often be seen in crypto podcasts to promote his stance on Gold.
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In another tweet, Peter downplayed the comparison of Bitcoin to “Digital Gold,” emphasizing that Bitcoin should not be considered equivalent to physical gold. He pointed out that while Bitcoin spot ETF products are experiencing a decline, the price of Gold has risen by 1.5% and reached an all-time high. This, however, is mainly taken as a marketing gimmick by crypto traders and investors, as Schiff is associated with Euro Pacific Precious Metals.
According to CoinMarketCap’s data, Bitcoin represented 55% of the $2.4 trillion virtual currency market by the end of last week, a percentage that hasn’t been observed since April 2021. The latest set of US ETFs introduced by companies like BlackRock Inc. and Fidelity Investments has gathered $56 billion in assets, marking it as one of the best ETF debuts.
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To answer his question, ‘Why are all Bitcoin-related equities down?’ Many took to X to note that the price fluctuations were due to various reasons, but they can be traced back to the Bitcoin halving approaching very soon and the ongoing Israel-Iran war. There have been worries about tensions brimming in the Middle East, causing instability in financial markets. This has been the leading cause for investors to look for safer investment options.
