Cryptocurrency skeptic and gold proponent Peter Schiff expressed doubts about the intellectual capabilities of bitcoin investors and advised to buy gold.
Only fools are choosing Bitcoin. So far this year gold is up over 7%, while Bitcoin is down 3%. Gold is only 2% from its 2020 high, while Bitcoin is 35% below its 2020 high!” he wrote in a March 24 tweet.
Comparing this year’s rates of Bitcoin and gold, Schiff said that even if the gold index rose by 7%, exceeding the previous maximum of 2020 by only 2%, this is a good indicator compared to bitcoin, which fell 35% below the maximum mark for this year.
“During the 2008 financial crisis, gold fell about 25% and took 7 months to make a new high. This time gold only fell about 15%, and may make a new high in under a month. This shows how much greater this financial crisis is, and how much more reckless current Fed policy is,” he predicted.
Such criticism of bitcoin can have the opposite effect, causing even more interest in cryptocurrency. Binance CEO Changpeng Zhao believes that Peter Schiff’s illogical statements are promoting cryptocurrencies, as people do the exact opposite of his calls.