Peter Schiff draws a comparison between what gold has won from 2017 so far and what has happened with Bitcoin.
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- Bitcoin critic Peter Schiff says BTC has been “dead money.”
- He adds that gold increased 40% since 2017 and BTC is now at the same price as before.
- He said that the $20K now is “the new $30”.
- His followers were very critical of his comparison.
One could say that for Peter Schiff, chief economist and global strategist, market analyst, and staunch critic of Bitcoin, bad-mouthing BTC is a “sport” that is practiced for Twitter almost daily. One “sport” he replaces with another: criticizing the measures taken by the U.S. government. A few days ago, Schiff warned that Bitcoin would plummet further in this fall and recommended not to buy now. . On Sunday he went to Twitter to try to convince with a speech that was quickly dismantled by many of his followers.
Peter Schiff: Gold rises 40%, Bitcoin falls 2%.
Schiff, a great enemy of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. longtime gold fan, made another negative prediction about BTC: that it will not rise from current levels. This he said:
“Don’t get excited about #Bitcoin above $20K. 20 is the new 30. This is just another bullish trap. Nothing falls in a straight line. In fact, this slow-motion crash has been extremely orderly. Still no sign of any capitulation capitulation is the process of selling assets or cryptocurrencies at a significant loss because you have lost hope or belief that it will ever increase in price. that normally forms a bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” market an area or arena, online or offline, in which commercial dealings are conducted. bottom.”
Don’t get excited about #Bitcoin being back above $20K. 20 is the new 30. This is just another bull a person that is optimistic and confident that market prices will increase, this person is also known to be "bullish" about the market or price. trap. Nothing drops in a straight line. In fact, this slow motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom.
– Peter Schiff (@PeterSchiff) June 19, 2022
He also highlighted:
“In December 2017 #Bitcoin peaked just below $20K. . Bitcoin has been dead “money” for the last four and a half years, as its current price is about 2% lower than it was then. In contrast, the price of #gold has risen by more than 40% over the same time period.
In Dec. of 2017 #Bitcoin hit a high of just below $20K. Bitcoin has been dead “money” for the past 4 1/2 years, as its current price is about 2% lower than it was then. In contrast, the price of #gold has risen by over 40% during the identical time period.
– Peter Schiff (@PeterSchiff) June 19, 2022
However, Schiff does not take into account an account is essentially a whose purpose is to track the financial activities of a specific asset/ all the gains gains refer to an increase in value or profit. that in the midst of these four and a half years have been made by investors who have bought as low as USD $3,000 to sell as high as USD $69,000 during that period. Meanwhile, while gold has been gaining in price, it is also lower than its highest price, which was in July 2020, when – in the midst of the pandemic – it reached above USD $2,000.
And it is also worth saying that the current gold metal prices are very similar to those gold had in August 2011 and then had a deep fall to levels even below USD $1,200, in some months of 2014 and 2015. It only managed to overcome that when the Covid-19 pandemic struck, when – just like BTC – it became an investment safe haven for many. All these fluctuations Schiff is keeping quiet.
Criticism of Schiff
One tweeter told him: “In September 2011, gold peaked just below $2K. El oro ha sido “dinero” muerto durante los últimos 11 años, as its current price is about 6% lower than it was then. In contrast, the price of #bitcoin increased by more than 59300% during the same time period”.
Another of Schiff’s supporters commented to him: “You can’t take two arbitrary dates and try to prove a point. Bitcoin was at 60,000 at one point.”
Otro comentario en Twitter was: “Uganda’s Ministry of Energy and Mineral Development stated that the country has found 31 million tonnes of gold. Add that to the gold supply and the so-called 40% increase will fall due to oversupply. You have to be more worried about the price of gold than Bitcoin. BTC is finite.”
Sources: Twitter, Investing , archivo
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