Euro Pacific chief Peter Schiff, famous for his dislike of bitcoin, recently took another jab at the top cryptocurrency. Schiff has always insisted that bitcoin has no intrinsic value, unlike gold.
Recently, the gold bug belittled the king of cryptocurrencies once again. This time he claimed that bitcoin will crash in the next few years as his beloved bullion moons.
Gold Will Spike Massively As Bitcoin Crashes
Peter Schiff took to Twitter a few hours ago to compare the performance of gold and bitcoin. He opined that in the past couple of years bitcoin holders have roasted gold investors due to the huge gains that bitcoin has eked out, compared with gold.
He believes that the tables will turn in the coming years as gold skyrockets while the orange coin comes crashing back to earth.
One Twitter user highlighted that gold is quite archaic and people are more advanced in 2020 to be using a non-digital store of value. On that point, Schiff averred that gold is “pretty modern” since it only became money around 700 BC. He further reiterated his favorite “bitcoin will never be money” narrative.
The gold bug also opined that he has put his money where his mouth is, thus he has not invested in BTC. He is, instead, longing gold and silver which is essentially a big bet against bitcoin.
“My money is where my mouth is. I own no Bitcoin and am long lots of gold and silver and even larger positions in precious metals mining stocks. That’s effectively a big bet against Bitcoin becoming the new gold, or taking safe haven/store of value market share away from gold.”
Bitcoin Holders Got Into BTC Because They Have Little Understanding Of The History Of Money
In a separate tweet, Schiff argues that bitcoin enthusiasts berate him for not fully understanding the technology behind bitcoin. Yet, in his Twitter interactions with them, he has come to realize that most of them know very little about the history of money.
This, per Schiff, is the reason why most of them were easily enticed into bitcoin and are overall dismissive of his precious yellow metal.
Bitcoin is trading at $6,866.57 at press time. The OG crypto will undergo quantitative hardening in 30 days’ time. This event typically lights a fire under the bitcoin bulls. As such, Schiff’s doomsday predictions may never come true.