‘Are any Bitcoin HODLers concerned?’ quizzes Peter Schiff

Peter Schiff criticized Bitcoin investors for ignoring its declining value against gold.
Bitcoin’s year-to-date performance surpassed gold, rising 47% compared to gold’s 29% gain.

As a seasoned analyst with over two decades of experience under my belt, I find myself intrigued by the ongoing debate between traditional assets and digital currencies, particularly Bitcoin [BTC]. While Peter Schiff’s criticisms of Bitcoin investors might seem dismissive to some, his perspective is rooted in a deep understanding of gold’s historical significance as a store of value.

Amidst diverse perspectives within the broader context, seasoned analyst Peter Brandt posits that Bitcoin [BTC] could surpass traditional precious metals in value by the year 2025.

Schiff criticizes Bitcoin

Economist Peter Schiff, known for his expertise, has made fun of Bitcoin investors recently, implying they seem unconcerned about Bitcoin’s decreasing value in comparison to gold.

Although Bitcoin frequently grabs headlines, Schiff suggests that its poor track record compared to gold should receive more attention, leading one to question whether its appeal as a digital asset can endure over time.

26th September saw Representative Schiff pose an important query to Bitcoin supporters on the platform now known as X (previously Twitter), expressing his apprehensions over a concerning pattern.

Are Bitcoin holders worried that the value of Bitcoin has dropped by approximately 35% relative to gold since its record high in November 2021? This decline occurred nearly three years ago, despite continuous media attention, advertising, conferences, Wall Street ETFs, NFTs, MSTR, and El Salvador’s adoption. Is this sustained decrease in value a cause for concern?

The crypto community defends

In reaction to Schiff’s remarks, many individuals on platform X countered by highlighting that Bitcoin had reached a record peak in March previously.

For instance, an X user said,

“Bitcoin hit a record high earlier this year, Peter.”

Adding to the fray was another X user who said,

‘Are any Bitcoin HODLers concerned?’ quizzes Peter Schiff – Here’s why

Instead, Schiff kept his attention fixed on the worth of Bitcoin measured by gold, rather than its U.S. dollar value.

This emphasis on gold pricing highlights the ongoing debate between traditional assets and digital currencies, underscoring Schiff’s skepticism towards Bitcoin’s long-term viability as an investment.

Not the first time!

Well, this isn’t Schiff’s first foray into this debate.

In fact, during a recent discussion with Jack Mallers, he asserted that…

From my perspective, I don’t view Bitcoin as a traditional form of money. For something to be considered money, it should hold significant market value and be widely accepted as a medium of exchange. Currently, Bitcoin does not meet these criteria as it lacks intrinsic value beyond its perceived worth. While it is used for transactions and speculation, its usage does not resemble the everyday use of conventional money such as gold.

This stemmed from a statement given by Mallers where he noted,

Bitcoin stands out as the most remarkable form of currency in human history. It’s unique due to its scarcity – it has a fixed supply, making it rare and valuable. Additionally, it is highly portable and divisible, offering unparalleled flexibility. Compared to gold, over the past ten years, Bitcoin has provided an average return of 60%, whereas gold yielded just a 2% return during the same period.

What lies ahead for Bitcoin?

Based on the conversations we’ve had, AMBCrypto has analyzed Bitcoin’s price trends. As a result, they found that Bitcoin was currently valued at approximately $65,386.27, marking a 1.35% rise over the previous 24-hour period.

Bitcoin has surged by 47% so far this year, outperforming gold, which only gained by 29%.

2024-09-28 01:12

Schiff criticizes Bitcoin

The crypto community defends

Not the first time!

What lies ahead for Bitcoin?

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