Once again, the CEO of Euro Pacific and widely-known crypto hater, Peter Schiff, took to Twitter to lambast the flagship cryptocurrency. This time, Schiff claimed that “only fools” are opting for bitcoin instead of his favorite yellow metal.
Notably, the cryptocurrency community on Twitter is now used to Schiff’s constant criticism of the top crypto that has been contending with gold for the safe-haven status. Thus, whenever the gold bug attempts to throw shade at bitcoin, its true believers are always ready to remind Schiff why he is wrong.
Peter Schiff Stirs The Pot Once Again
Peter went to Twitter to brag about Gold’s performance during the 2008 financial crisis and currently with the coronavirus-induced crisis.
He specifically said that in 2008, the precious metal dropped circa 25% before bouncing back and hitting a new high within just seven months. This time around, gold plunged 15% and could hit a new high in less than a month owing to Federal Reserve’s dovish monetary policies, Schiff opined.
One follower then pointed out that bitcoin rose by around 12% today (March 24) while stock markets dumped, which indicates that the market is choosing bitcoin (BTC).
Peter Schiff did not pass up the chance to roast bitcoin. He responded by averring that “only fools are choosing bitcoin”. Schiff argued that gold has outperformed bitcoin year-to-date and the yellow metal is just 2% shy of its 2020 high whilst bitcoin lies over 30% below its 2020 high.
Schiff had asserted in a different tweet earlier today that bitcoin is still in a bear market despite the 12% rally. Gold, on the other hand, is in a bull market as it has parred most of its recent losses.
Nonetheless, bitcoin enthusiasts did not hesitate to hit Schiff with the facts he so much wants to ignore.
Get Your Facts Right, Peter
As we all know, bitcoin is still a burgeoning asset that has been around for only 11 years while gold has existed for thousands of years. Yet, it has outshined gold over the past 12 months as one follower observed.
Moreover, another follower noted that Schiff is so fond of cherry-picking data to suit his narrative, while gold is in fact down 20% from its all-time high in 2011.
Several other Twitterati told Schiff that there’s enough room for both gold and bitcoin. User NrdGrl007 explicitly cited that it does not have to be gold versus bitcoin (BTC) as they can both coexist peacefully.
Bitcoin is trading at $6,720.15 at the time of publication after gaining 5.58% over the last 24 hours. As is evident, bitcoin aficionados no longer let Schiff’s negative comments get to them. Instead, they let him know the blatant facts that he tries to disregard.