- Peter Schiff, a well-known economist, compared Bitcoin to gold and said that the metal will outperform the cryptocurrency.
- Having spoken against Bitcoin many times in the past, he believes the leading cryptocurrency will crash soon.
Popular economist and author, Peter Schiff, has taken Twitter to reiterate his views on Bitcoin. He compared the leading cryptocurrency to gold, stating that the precious metal will outperform Bitcoin as the latter will crash soon. Schiff has spoken against BTC many times in the past as well. In a recent tweet, Schiff said that Bitcoin will ultimately “crash back to earth.”
Over the past several years Bitcoin hodlers poked fun at gold investors because #Bitcoin gained so much more than #gold. Over the next several years those roles will reverse, but not because gold rises more than Bitcoin, but because gold moons as Bitcoin crashes back to earth. -@PeterSchiff
He also mentioned that he is actively betting against Bitcoin:
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 a safe have/store of value market share away from gold.
As Bitcoin shares some properties with gold, the currency is often known as “digital gold.” The crypto is “mined” similar to the metal. Additionally, BTC is also scarce. There’s a limited amount of gold on the earth and there are only so many Bitcoins that can be mined as well. However, we know how many bitcoins there will be (21 million), but not how much gold is left unmined.
Schiff further added that “gold only became money about 700 BC. So it’s actually pretty modern. Plus, it’s a metal, not a rock. Bitcoin will never be money. Not even cavemen would be dumb enough to accept it.”
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