Peter Schiff who is the CEO of Euro Pacific Capital, a company that is registered for financial investment services. He is very opposed to Bitcoin and that was evident in his tweet where he focused on the 7% rise of Gold which was suffering some losses recently. He totally ignored the 12% rise by BTC and had much to say about Gold. He clearly wasn’t that impressed with BTC and believed that it could feel a downward shift at any time.
Peter Schiff tweeted:
“#Bitcoin bugs are accusing me of ignoring Bitcoin’s 12% gain today, while tweeting about gold’s 7% rise. Bitcoin is still in a bear market. It’s still down 35% from its 2020 high, and 3% YTD. In contrast, gold is in a bull market. It’s only 2% below its 2020 high, and up 7% YTD.”
It was obvious that his statement wouldn’t go by without a response from cryptocurrency experts. Gabor Gurbacs responded to the tweet that Peter Schiff made and this is what he had to say:
“Gold is down 13% since 2011 highs. Bitcoin is up *6000 times+* since early 2011. Bitcoin also outperforms gold in most standardized time periods. Once again, history and standardized performance conveniently ignored. Why not be fair to Bitcoin?
Gurbacs is the Director of Digital Assets Strategy at VanEck/MVIS. At this time he does have a point and this disagreement will only be resolved by the performance of the trading market.
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