Peter Schiff, Global Strategist at Europac, said again that he does not think Bitcoin has a vivid future in the current fight between gold and Bitcoin. Schiff has always been a supporter of gold. He spoke about the recent rise in the price of the precious metal and said that it has reached a up-to-date high of just under $2,450.
Schiff did not miss the opportunity to poke fun at Bitcoin, saying that it has fallen 30% since its all-time high in 2021. “Gold continues to show its value as a stable and valuable product, while Bitcoin shines as a speculative bubble,” he said. His views come at a time when the price of Bitcoin is going through major changes, intensifying the battle between conventional and digital assets.
#Gold just hit another all-time high. It’s up more than $25, trading just below $2,450. It won’t be long before it breaks $2,500. Priced in gold, #Bitcoin down 30% from its 2021 all-time high nearly three years ago. Wake up to the bear market #HODLers.
— Peter Schiff (@PeterSchiff) July 16, 2024
The Ups and Downs of Bitcoin
The last few weeks have been particularly tough for the alpha crypto asset. Bitcoin (BTC) slowly fell until it reached a plateau around $65,000. In mid-March, it peaked at over $73,000. But three months later, things took a turn for the worse. The coin lost $60,000 of its value and was worth just $52,000 in early July.
The downtrend came at the same time that whales and the German government sold a significant portion of their bitcoin holdings, sending shockwaves through the market.
Even with all the problems, Bitcoin has shown signs of strength. It has been slowly rising over the past few days. It is currently trading at $64,570, up 5% in the past 24 hours.
Some buyers are hopeful about this tiny rebound, but Schiff is not impressed. He said that such tiny returns are just minor blip in the overall downtrend and that investors need to rethink their Bitcoin investments.
BTC up in the last 24 hours. Source: Coingecko
The Great Debate: Intrinsic Value Vs. Probability
Peter Schiff is no stranger to badmouthing Bitcoin. In recent comments, he has repeatedly said that Bitcoin is a “speculative asset” that has no real value, especially when compared to conventional assets like gold.
He said the recent declines in Bitcoin prices are a clear sign that the bubble is about to burst. They are buying into the illusion of quick riches without understanding the fundamentals of value, he added.
On the other hand, Schiff’s comments haven’t deterred those in the bitcoin world. Many cryptocurrency fans argue that bitcoin’s long-term success and ability to change the financial world are more crucial than its volatility.
They believe Schiff’s view is obsolete and fails to take into account the potential of blockchain technology to change the status quo.
Featured image from Pexels, chart from TradingView
