Key Takeaways:
- Bitcoin skeptic, Peter Schiff, yells again at Bitcoin as its price drop to a six-month low.
- The gold veteran predicts that Bitcoin would drop to zero in the long run.
LAGOS (CoinChapter.com) – Bitcoin (BTC) naysayer Peter Schiff has again gotten the perfect opportunity to spread his usual message of doom against it.
The gold bug was at it all over again on Friday as the BTC price plunged to its six-month low near $38,000. In detail, he took to his verified Twitter page to sell his obsolete analysis that BTC has no real value or utility and can’t be compared to Gold.
In his usual attitude, after BTC’s dip to $38,000, Schiff took to his verified Twitter page again to sell his obsolete analysis that BTC has no real value or utility and can’t be compared to Gold.
“Lots of people on Twitter keep reminding me how wrong I’ve been on #Bitcoin because its price rose so much during the years I claimed it wasn’t digital #gold and had no real value or utility. How low does the price of Bitcoin have to fall before I get credit for being right?”
Schiff tweeted.
The 58-year-old has been notorious in the crypto community for always attacking the digital asset compared to Gold despite the former’s already exonerated profile as a superior asset to the latter.
More message of doom from Peter Schiff
In another tweet on Friday, Schiff analyzed that BTC has broken the neckline of a head-and-shoulders top. According to his analysis, BTC’s price pattern project a move below $30,000. He says once that consolidation is breached, BTC crash below $10,000.
Hours later, he tweeted hours after that CNBC analysts are trying to pump BTC and urge investors to pump BTC for the long term. “But in the long-term, Bitcoin’sBitcoin’s price will be zero,” the bear wrote.
BTC’s superior performance in 2021 leaves Gold in dust
As touted by Schiff, Gold is indeed one of the best hedges against inflation and investment tool in the world. However, its dominance as the number one best-performing investment has been outshined by a more recent investment tool: cryptocurrency.
In 2021, the superiority of Bitcoin and other cryptocurrencies against several other investments class was unrivaled, not even by Gold. During the year, crypto investment products registered $9.3 billion in inflows, up from $6.8 billion in 2020, according to data from CoinShares.
Similarly, Bitcoin surged by 72% in 2021 after spiking to an All-time-high price at over $68,000. It, however, ended the year at the $48,000 range and has dwindled since then until now. At press time, BTC trades at $38,886.
In comparison, the S&P 500 index surged 28%, and Gold dropped by 7% in the same period, marking the third consecutive year that Bitcoin has outperformed the two, according to data by Arcane Research.
The surge in crypto investment was fueled by increased interest from institutional investors in the space. This is despite the massive volatility cryptocurrencies experienced in 2021, which is still playing hard on the crypto market today.
On the other hand, gold exchange-traded funds (ETFs) saw net outflows of $9.1 billion.
The precious stone marked its biggest yearly decline since 2015 in 2021. The traditional investment tool has often been used as a major safe-haven asset in times of uncertainty as it reflects the state of the world’s economy. Cryptocurrencies, however, open the door to infinite opportunities.
