Gold advocate Peter Schiff criticized Bitcoin holders, saying their knowledge of how money works is poor. He is predicting big trouble for them ahead
The vocal Bitcoin hater and the CEO of Euro Pacific Capital Peter Schiff has yet again taken to Twitter to pour critiques over the flagship cryptocurrency. While standing against the cash printing recently implemented by the Fed Reserve, amid the financial crisis caused by the coronavirus breakout, Schiff is promoting gold and while slamming Bitcoin, unlike other major influencers, such as Robert Kiyosaki.
The ‘Rich Dad, Poor Dad’ author, investor and entrepreneur is heavily criticizing the Fed for its recent actions but he points both at gold and Bitcoin as a means of fund hedging.
Schiff promises a hard lesson for BTC holders
This time, Peter Schiff has basically stated that Bitcoin holders cannot be persuaded into dropping BTC even with the soundest arguments.
Schiff has tweeted that trying to talk to them about the concept of money is similar to banging your head against a wall. He also stated that BTC enthusiasts are ‘about to learn a very expensive lesson in economics’.
‘Gold about to moon, BTC will crash back to earth’
In a previous tweet, the Euro Pacific Capital CEO stated that, despite BTC growing more than gold recently, this state of things is likely to change in the next few years. Gold will go to the moon, says Schiff and BTC will crash back to earth.
Recently, Peter Schiff took part in VC investor and vocal BTC supporter, Anthony Pomplianos podcast – ‘Off the Chain’. In it, Schiff suggests that Bitcoin just might do well over the next few years. However, eventually, he stated, BTC is bound to drop heavily.
Prior to that, Peter Schiff stated that Bitcoin attracts only the attention of speculators since nobody else would buy a volatile asset in the hope that it may become a safe haven in the future. His conclusion was – Bitcoin will never become a safe haven.
Traders’ response
Trader MMCrypto responded to Peter Schiff’s anti-Bitcoin tirade, accusing him of being short-sighted and claimed that, deep in his heart, he might regret not buying Bitcoin when it was worth $1.
Crypto trader @TheMoonCarl gave Schiff a milder response, as if hoping to convert him into buying BTC.