Bitcoin [BTC]: Peter Schiff attacks cryptocurrencies as Gold steals the limelight again


The world of digital assets has seen a shift in terms of sentiment as well as value, with many users getting on the crypto-bandwagon, while the market recovers from its crushing bear run. Bitcoin [BTC], the world’s largest cryptocurrency and the rest of the market, has been consistently belittled by various industries over the years. However, the biggest rival for the digital asset has been Gold. Critics of the cryptocurrency have compared BTC’s promise to become a store of value to that of the popular metal.

As a way to clearly mark this divide, Peter Schiff, CEO of Euro Pacific Capital, recently tweeted,

“Today in the stock market investors sold speculative names and bought value.  It looks likes they made the same trade with alternatives to the U.S. dollar.  They dropped #Bitcoin and bought #gold!”

Schiff has been a vocal critic of Bitcoin for a long time now, calling it speculative and a “vehicle for gambling.” He had even said that BTC was fools’ gold, despite admitting that the coin had similar “monetary properties” to that of gold. Many supporters of Bitcoin however, rebutted Schiff’s comment by stating,

“#BTC has provided greater returns since 2015 than owning an ounce of #Gold at spot price since 1970, even after falling from 2017 ATH’s.
Yay, #Gold went up 1.64% today!🥳
#Bitcoin 5 year performance 2160%.
#DropGold 5 year performance 5.90% “

Bitcoin’s return is a figure that has instilled hope in supporters and users of the cryptocurrency, as reports have shown that its returns in May 2019 were more than that of S&P 500, Nasdaq, the Yen-Dollar, and the all-important oil. During the course of the last month, BTC provided a return of more than 19 percent, when compared to the negative 6 percent and negative 17 percent provided by the S&P 500 and Oil, respectively. Steve Barrow, Head of G-10 strategy at Standard Bank, said,

“The key to the performance of financial assets could be whether the Fed resists market pressure for rate cuts…Our view is still that the market is right to think that the next move will be a cut, but we still think that there will be less cuts and they will come at a later stage than the market currently anticipates.”

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