Famous Bitcoin critic Peter Schiff has once again taken to social media to express his skepticism toward the world’s leading cryptocurrency, Bitcoin. In a recent tweet, Schiff claimed that Bitcoin is underperforming against gold, despite the recent spike in Bitcoin prices. He argued that the 20% rise in Bitcoin prices as a result of the long-awaited Fed pivot is not indicative of it being a better inflation hedge than gold, as both Bitcoin and gold prices only returned to their February levels.
Schiff’s tweet sparked a conversation on Twitter, with Binance CEO Changpeng Zhao chiming in to express his agreement with Schiff. Zhao acknowledged that gold is almost as good as Bitcoin in terms of being a hedge against inflation.
Schiff has long been known for his criticism of Bitcoin, calling it a “bubble” and a “Ponzi scheme.” He has also been a vocal proponent of gold as a superior store of value, often advocating for investors to allocate their portfolios to the precious metal.
Despite Schiff’s skepticism toward Bitcoin, the cryptocurrency has continued to gain traction among institutional investors and corporations. Tesla, MicroStrategy and Square are just a few of the companies that have invested billions of dollars in Bitcoin.
Bitcoin’s price performance has also been impressive, having reached an all-time high of nearly $65,000 in April 2021. However, the cryptocurrency has faced some setbacks in recent months, with its value dropping significantly.
While the debate over whether Bitcoin or gold is a better store of value and hedge against inflation continues, it is clear that both assets have their proponents and detractors. Investors should carefully consider their investment objectives and risk tolerance before making any investment decisions.