According to U.Today, Peter Schiff has declared Bitcoin as 'dead', even though it is trading near its all-time high. Schiff's claim is based on Bitcoin's underperformance compared to silver since April, with growth rates of 2% and 21% respectively. He also warned that Bitcoin promoters could lose significant money by investing in the cryptocurrency.
The cryptocurrency community has accused Schiff of focusing on short time frames to support his narrative. It's important to note that Bitcoin has seen a nearly 60% increase on a year-to-date basis, while silver has only risen by 14.46%.
Schiff, a well-known critic of Bitcoin, has been dismissing the cryptocurrency since 2011 when it was valued at a few dollars. In a recent social media post, Schiff refuted claims that his criticism of Bitcoin is merely a ploy for attention. He argued that praising Bitcoin would have garnered more engagement, but he is unwilling to compromise his integrity for followers or increased engagement.
Schiff's criticism of Bitcoin is largely driven by its promotion as a digital version of gold. He expressed concern about people being convinced to buy Bitcoin instead of gold, considering it a mistake. He stated that if Bitcoin promoters stop claiming that Bitcoin is a digital equivalent of gold, he would cease his commentary on the cryptocurrency.
