Even as Bitcoin (BTC) is trading close to all-time highs, renowned financial analyst Peter Schiff has once again sparked a frenzy in the cryptocurrency market by proclaiming the cryptocurrency “dead.” Schiff, well-known for his pessimistic opinions on cryptocurrencies, noted the sharp difference between Bitcoin’s recent performance and silver while making his most recent comments.
Peter Schiff Offers Criticisms Bitcoin and Gold: A Comparative Analysis
Schiff notes that although silver has increased by 21% since April, Bitcoin has only gained 2%. He contends that this poor performance indicates that Bitcoin is about to crash. Bitcoin supporters, however, respond that Schiff cherry-picks short-term statistics to fit his story. In contrast to silver, which has gained a relatively modest 14.46% year to date, bitcoin has increased by almost 60%. This contrast fuels arguments between proponents of digital currency and traditional assets.
Schiff elaborated on his position by voicing his worries that Bitcoin is being promoted as the digital equivalent of gold. He said that his goal is to dispel what he believes to be a myth and save prospective investors from making what he views as a serious mistake.
Schiff contends that he wouldn’t feel obligated to criticize Bitcoin if supporters stopped comparing it to gold publicly. Schiff insists that his criticisms are based on a sincere concern for the welfare of investors despite claims to the contrary. He emphasizes that he would prefer to uphold his integrity rather than gain attention by praising Bitcoin.
Peter Brandt Responds to Schiff’s Doubt About Bitcoin
On the other hand, veteran trader Peter Brandt says the public should ignore Schiff’s negative opinions on Bitcoin. Brandt accuses Schiff of using his platform to highlight silver’s performance, which he sees as an attempt to detract from Bitcoin’s gains.
According to Brandt, despite his critiques, Schiff acknowledges the potential of cryptocurrencies but favors pushing silver, a market with which he has always been more comfortable. Schiff, however, is alerting investors to the dangers associated with Bitcoin, characterizing it as speculative and worthless.
