Gold Up, Bitcoin Down, Says Peter Schiff
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Gold Up, Bitcoin Down, Says Peter Schiff

By Abhimanyu Krishnan | News | 13 Apr 2020


Prominent Bitcoin critic Peter Schiff, never one to shy away from dismissing the asset, tweeted on April 11 that the years to come will see gold moon as “Bitcoin crashes to Earth.” Schiff boldly states that Bitcoin, which has consistently outperformed other asset classes, 

The cryptocommunity, which constantly challenges Schiff on his views, responded with criticism of their own - some with outspoken criticism, others with a more restrained response. 

User J.K said that gold was excellent in times before, but that Bitcoin was the more advanced form of money suitable for modern times, to which Schiffsaid that “not even cavemen would be dumb enough to accept it.”

Twitter User Roko said there was value in both assets,

Shortly after the previous tweet, Schiff claimed that “Bitcoin bugs” accused him of not understanding the technology, while he said that they did not understand money.

Schiff followed this criticism up with another on April 13, saying that explaining money to hodlers is the equivalent of “banging your head against a wall.” This led to Anthony Pompliano, a well known Bitcoin supporter, to respond as well - and he did so with a link to a podcast which features Pompliano interviewing Schiff. 

Pompliano has debated the value of Bitcoin over gold with Schiff on several occasions, and a lengthy debate on CNBC Africa saw Pompliano telling Schiff that " if there is even a 1% chance that you could be wrong, the odds, given Bitcoin is an asymmetric asset, mean that you will be kicking yourself forever for having known about this."


Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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