Bitcoin Falls Gold Rise Amid Ukraine Invasion, Peter Schiff Says Difference Between Gold And Fool’s Gold (BTC) Can’t Be More Clear.
Peter Schiff Slams Bitcoin Again, Calls It “Fools’ Gold”
Popular cryptocurrency critic Peter Schiff has once again slammed Bitcoin (BTC), calling the world’s largest cryptocurrency by market capitalization a fool’s gold.
The American stockbroker made this known in a tweet today, following the slight rally of gold popularly referred to as the yellow metal, that saw it add $20 to its value, which helped the asset class to reach a 52-weeks high of over $1,960.
“Gold is breaking out as Bitcoin is breaking down. Gold rose over $20 this morning, to a 52-week high of $1,960 per ounce, taking out the Ukraine invasion spiked high. Bitcoin on the other hand broke below $41k. The difference between gold and fool’s gold couldn’t be more clear,” Schiff said.
#Gold is breaking out as #Bitcoin is breaking down. Gold rose over $20 this morning, to a 52-week high of $1,960 per ounce, taking out the #Ukraine invasion spike high. Bitcoin on the other hand broke below $41k. The difference between gold and fool's gold couldn't be more clear.
— Peter Schiff (@PeterSchiff) March 4, 2022
Earlier today, gold reached a 52-weeks high of over $1,960, while Bitcoin is currently trading below $41,000, as reports of Russia’s adoption of the digital currency gradually faded away.
Bitcoin v. Gold Comparison
Since Bitcoin gained traction in 2017, several financial experts have weighed in to the debate to determine which of the asset classes is superior over the other.
Schiff is among those who have championed the debate against BTC, as he has always been seen as a hater of the world’s largest cryptocurrency.
Schiff Criticizing BTC
The Bitcoin critic has taken every opportunity to troll cryptocurrency enthusiasts on Twitter, asking people to rather invest in gold instead of putting their money on a financial instrument – BTC – that is destined to go down to zero.
In January, Schiff criticized Bitcoin-friendly El Salvador president Nayib Bukele after announcing in January that he took advantage of the dip to add 410 BTC.
Criticizing the president, Schiff said president Bukele should have used his private funds to invest in Bitcoin instead of using the country’s resources.
In a recent report, Schiff’s son, who is a Bitcoin enthusiast, noted that his father enjoys trolling Bitcoin supporters on Twitter, adding that:
“He doesn’t believe that anything he says is stupid though.”
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