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After Bashing Bitcoin, Gold Bug Peter Schiff Praises Minimal Gains of Precious Metals
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Pocket- Peter Schiff believes that gold has entered a bull market.
- Bitcoin has risen 11% in the last 24 hours, but Schiff believes that this is a bubble.
Peter Schiff has been a major critic of the cryptocurrency industry as long as its been around, putting his faith in gold. Recently, Schiff decided to celebrate a miniscule gain for gold, posting to Twitter after gold passed $1,400 per ounce for the first time since 2014. The rally, which was a 25% increase from the lowest value, led Schiff to proclaim gold to be in a bull market. In the last year, gold has risen by $130 per ounce, which is about 10%.
True, but gold is early in a bull market. Bitcoin is a bubble that has already burst. This is a sucker's rally.
— Peter Schiff (@PeterSchiff) June 21, 2019
The Bitcoin community has plenty of reason to celebrate lately, after Bitcoin’s value rose to over $9,600, let alone when it just crossed $11,000 BTC/USD, but Schiff still refuses to acknowledge the success. He has some reasons to remain bullish, considering that he runs a website that allows consumers to buy and sell physical gold and silver. He also has an asset management company that is in charge of investing in gold-related stocks via mutual fund. However, in the last few years, there is been less than 1% returns.
Even with the minimal returns, which have provided even less than what a typical savings account brings back, Schiff still believes in gold. In 2012, Schiff was interviewed by CNBC, at the same time that gold was trading at $1,700. When he spoke with the interviewer, Schiff claimed that gold would rise up to $5,000 within just two years. However, the path gold took at the time was much different, dropping down to $1,050 per ounce.
As Schiff praises a so-called bully rally for gold on Twitter, the precious metal has not even reached the level that it was back when he predicted a $5,000 price tag per ounce. CNBC sought out Schiff to ask about the failed prediction, Schiff said that the time it will take to react $5,000 will “obviously” take longer than he though. However, he stated that gold will “go through $2,000 very quickly, and people will be upset that they didn’t buy gold at $1,700.”
Schiff is no stranger to debates on Twitter, promoting gold during an intense bear market and constantly having something negative to say about Bitcoin and even the stock market, despite massive returns. In an article from CCN, the writer points to an exchange between Schiff and a user named Michael Ruiz in 2016.
It's a buying opportunity. Not as good as the $20 range you were approached with and refused a few years back but still a buy
— Michael (@cryptotraveler) August 2, 2016
For as long as Schiff has known about Bitcoin, he has continually claimed that it is a Ponzi scheme, adding that the only true form of money is gold. For example, when Bitcoin was valued at $4,000 in 2017, he flat-out said that Bitcoin was not money, and that the community surrounding it was “a cult.”
Since those statements, Bitcoin has risen substantially, and even the stock market has seen exponential gains. Metals, unfortunately, have seen almost no progress. Presently, Bitcoin is priced at $9,932.32 after rising almost 4% in the last 24 hours. Gold, on the other hand, is priced at $1,400.20 per ounce with absolutely no changes in the last 24 hours.
Bitcoin’s price is $48,094.40 BTC/USD exchange rate today. The real-time BTC market cap of $899.92 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $24.93 Billion and live coin value change of BTC -0.85 in the last 24 hours.
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