Peter Schiff Questions Bitcoin HODLers: Do They Have Worries?
Amid a field filled with diverse viewpoints, seasoned analyst Peter Brandt has put forward the idea that Bitcoin [BTC] could surpass precious metals by 2025.
Expressing Disapproval of Bitcoin
In the meantime, renowned economist Peter Schiff has criticized Bitcoin holders, mocking their seeming lack of concern regarding the cryptocurrency’s diminishing value compared to gold.
Despite the extensive media coverage around Bitcoin, Schiff contends that its decreasing performance against gold warrants closer inspection, casting doubts on the sustainability of its appeal as a digital asset.
On September 26th, Schiff interrogated Bitcoin enthusiasts on X (formerly Twitter), highlighting his apprehensions about a troubling pattern.
“Do any Bitcoin #HODLers express worry that #Bitcoin has fallen 35% when priced in #gold since it last peaked in November 2021? That’s nearly three years ago. This is occurring despite the persistent media buzz, promotions, events, Wall Street ETFs, NFTs, MSTR, and El Salvador.”
Backing Bitcoin in the Crypto Community
Responding to Schiff’s critiques, several users on X defended Bitcoin, noting that the cryptocurrency had reached an all-time high earlier in March.
For example, a user on X remarked,
“Bitcoin reached a record high earlier this year, Peter.”
Another X user chimed in, stating,
Despite this, Schiff continued to emphasize Bitcoin’s value relative to gold rather than its dollar valuation.
This focus on gold pricing underscores the ongoing dispute between traditional assets and digital currencies, emphasizing Schiff’s doubt toward Bitcoin’s long-term investment prospects.
Not a Fresh Argument!
This isn’t Schiff’s initial entry into this argument.
During a recent conversation with Jack Mallers, he insisted that…
“I don’t think BTC qualifies as money. Money should be the most easily exchanged commodity with intrinsic value. Bitcoin lacks this. It’s primarily used for trading and gambling. It doesn’t function as money like gold.”
This viewpoint arose from a statement made by Mallers, where he observed,
“BTC stands out as the supreme currency in human history… It’s the scarcest with a fixed supply, highly portable, and divisible… Over the past decade, BTC has shown an average annual return of 60%, whereas Gold only rendered a 2% return over the same period.”
Future Prospects for Bitcoin
In light of these dialogues, CryptoCrypto recently analyzed Bitcoin’s price performance, revealing that it was trading at $65,386.27, demonstrating a 1.35% rise over the last 24 hours.
Bitcoin has surged by 47% year-to-date, surpassing gold, which has only grown by 29%.