Bitcoin has drawn a lot of comparisons to Gold recently. This is often called the digital version of the precious metal and this is especially the case when you look at its scarcity. It’s an economic hedge and it is also used as a store of value. This is even the case when you look at the various other similarities that they both share. Trade tension is increasing and there is also a looming economic meltdown too. Both of these assets have started to rise over the last few weeks and they are also working hard to set the stage for a much bigger, and much more powerful run. When you look at the opposer to Bitcoin you will also see that there are other currencies that are involved. Peter Schiff believes that Gold’s rally is an indicator of an early bull run, but it’s safe to say that Bitcoin right now is nothing more than a sucker’s rally.
Is Peter Schiff Bitcoin Bashing?
Peter Schiff is an American stock broker and he is also a financial commentator too. He has been dragging Bitcoin’s name through the dirt for quite some time. He has even come out to say that Bitcoin is very similar to tulips, rather than being a fully-fledged digital alternative. Sure, the value is climbing more and more by the day and it is always bouncing back but that doesn’t seem to have any impact on his opinion.
His stance on the matter should not come as a surprise. Schiff is actually the founder of Schiff Gold. This was formally known as being Euro Pacific Precious Metals. He is biased towards Gold to say the least, and he is also bearish when it comes to fiat currencies. This is especially the case when you look at the US dollar. The ending point, it’s not just Bitcoin that he is against.
Schiff has tweeted recently that Gold has broken through $1400 and that investors need to buckle up. Cryptocurrency supporters were quick to flood his entire feed with various notes about Bitcoin being worth far more, and even how it has broken through. This shows how the cryptocurrency asset is performing against his very own precious metal. This is why many people are investing in a gold or silver IRA, and even bitcoin IRA’s according to SACDC. It’s safe to say that Schiff is an outspoken personality and he has also claimed that Gold is in a very early bull market. He also believes that the Bitcoin bubble has burst and that the rally is nothing more than a sucker’s rally.
This isn’t a bad thing. When you look at market cycles, you will see that bull runs are preceded by a ton of disbelief rallies. These are commonly shared through various thoughts such as the ones from Peter Schiff, and if he truly believes that this is a sucker’s rally then he could be right. Bitcoin is going to give Gold a run for its money.