Gold Bug Peter Schiff: Bitcoin Price Went Above $10,000 Because of Speculation
Peter Schiff is slowly but surely consolidating his fame as a huge Bitcoin naysayer. Every week he has something new to say about the largest crypto asset in the world while he tries to convince us all that gold is still unmatched.
This week, Schiff affirmed that Bitcoin only hit prices above $10,000 USD because of speculation in the market. At the moment, the crypto is trading over $10,380 USD, a 6% increase when compared to yesterday.
Among his claims is that Bitcoin is not a safe haven asset and that people will always choose gold over it because it is a highly speculative asset and its value can shift quite quickly. The price surges, according to him, are not really correlated with the international turbulence caused by the U. S.-China Trade War.
Schiff is one of the most famous gold bugs of the financial world, so he is a clear antagonist to Bitcoin and never loses a chance to throw some cold water on crypto enthusiasts. His position is understandable. Newer generations are starting to ditch gold and buy Bitcoin instead and this gets in the way of his business.
Anthony Pompliano, a prominent crypto executive, has teased Schiff by affirming that he was “educating gold bugs about Bitcoin” by talking about it so much.
In related news, Schiff has recently affirmed that Bitcoin will never hit $50,000 USD. Time will tell whether he is right or not, but many BTC specialists have already affirmed that new parabolic growth of Bitcoin could take the prices up really quickly.