Schiff Critics CNBC For Promoting ‘Failing’ Bitcoin More Than Gold

Peter Schiff bitcoin bashed gold

Bitcoin critic and Gold supporter Peter Schiff has again condemned CNBC for giving Bitcoin more airtime than Gold. He also criticized the media house back in 2019 and again a few days ago. His accusation this time came following an interview with Tim Draper. The analyst and Bitcoin evangelist was praising Bitcoin for its use as a safe haven in times of economic uncertainty. Schiff noted that they had not invited anyone to advocate for Gold.

A ‘Failing’ Bitcoin

The Coronavirus epidemic which has been a concern to world economies has again been a major talking point. The virus has been rapidly increasing and the markets have been reacting. Specifically, the U.S stock market has been negative. This has seen some analysts suggest that Bitcoin and Gold are set for gains.

Gold has in its case been all green. The asset has now hit a seven-year high. This is one of the facts that Schiff has been keen to share with his followers.

Bitcoin, on the other hand, is in the negative. The digital asset faces major resistance at $9,800 and has been slow to rally.

Schiff says, in an attempt to revive a pump, CNBC has invited Tim Draper to get sentiments high. Tim Draper has a long term Bitcoin prediction of $250K which is mainly what gets investors to pump.

In the interview, Tim Draper talks about Bitcoin being a safe haven asset in times like this. When the world is concerned about the spread of the Coronavirus and how it is and will continue affecting their economies.

Schiff believes that as a safe haven, Bitcoin is failing. its current negative movement is proof that investors are not using it to hedge against a declining economy. Gold, on the other hand, is in the green and is being preferred by investors.

In this tweet, he notes that CNBC is playing favorite and should be inviting someone to talk about the advantage of Gold. Additionally, he has criticized Tim Draper of accusing Warren Buffet of bashing Bitcoin because he does not own any.

Schiff has noted that he will be appearing on Fox Business today. He is expected to talk about the falling stock market and Gold prices. At least, here he will have the airtime to talk about Gold.

Gold vs Bitcoin

Over the years, it has been more than clear that Bitcoin has an immense advantage over Gold. Although there will always be the tussle between which is the best hedge, Bitcoin has proven itself to be better and a worthy successor of Gold.