Peter Schiff: Bitcoin HODLers Remain Delusional

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As Bitcoin Booms, Gold Bug Peter Schiff Says it's a Risk Asset Being Pumped By Speculators
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The cryptocurrency space certainly has its fair share of detractors. From rich to poor and famous to infamous, plenty of people have no problem popping up about the risks and negative qualities of Bitcoin and other cryptocurrencies.

One of the loudest Bitcoin critics, Peter Schiff has unloaded more of his negative feelings about the digital asset. Schiff is never shy about his distaste for Bitcoin, especially as a challenger to his favored investment vehicle, gold.

“Since hitting its high in June of last year the price of #Bitcoin has fallen by 33%. During that same time period the price of #gold has risen by 27%. So, priced in gold Bitcoin has fallen by 53%. The long-term trend has clearly changed in gold’s favor. HODLers remain delusional.”

His comments usually draw the attention and ire of crypto investors and lead to long debates. And this time is no different. Schiff immediately got some familiar pushback from Bitcoin backers on Twitter. Many users accused him of cherry-picking stats and others questioned why he doesn’t look at the entire context of Bitcoin’s growth.

Commonly, people interested in Bitcoin tell skeptics to look at the whole chart rather than just a tiny time period. But Schiff remained adamant that no one will be saying “zoom-out” on the chart if Bitcoin experiences a catastrophic crash.

“Assuming the #Bitcoin bubble peaked in 2017, looking back at the entire decade is irrelevant. You can always make that argument no matter how low Bitcoin’s price falls as it stated below a penny. If Bitcoin is $100 in 2030 will you then want to talk about two entire decades?”

Many also chimed in wondering what Schiff has to say about the fake gold scandal that was just uncovered in China. But Schiff dismissed the gold critique, proclaiming that the scandal wouldn’t impact the price of real gold.

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“Fake #gold does not diminish the value of real gold, as fake gold lacks the same physical properties as real gold. There is no real difference between fake #Bitcoin and real Bitcoin.”

The old cat and mouse game of Bitcoin vs the traditional financial sector will continue for the foreseeable future. Obviously there is a lot of work to be done for cryptocurrencies to become fully mainstream. But even if new technologies like Bitcoin and other cryptocurrencies become successful and rise to prominence, there will always be those who will be in opposition.