Cryptic skeptic and supporter of investments in gold Peter Schiff expressed doubt about the mental abilities of investors in bitcoin and advised to buy gold again.
Against the backdrop of a new round of growth in gold futures, Peter Schiff wrote on Twitter that "only fools invest in bitcoin. Comparing the performance of the first crypt currency and gold this year, Schiff said that even if the gold index rose by 7%, surpassing the previous maximum in 2020 by only 2%, it is a good indicator compared with Bitcoin, which fell 35% below the maximum for the year.
Schiff cited the financial crisis of 2008, when gold fell by 25%, but reached new peaks in seven months. Given that this year's gold figures fell by only 15%, Schiff suggested that we should expect a "new peak" in a month. In response to why he ignores the appreciation of Bitcoin, the opponent of the cryptovite said that Bitcoin is still influenced by the bear market.
This month, Schiff criticized Bitcoin again, calling it an unnecessary crypt-currency that did not grow even with the factors contributing to its growth. It is worth keeping in mind that Peter Schiff praises gold as an active supporter and has a personal interest in it.
However, sometimes such negative statements about Bitcoin can have the opposite effect, thus arousing even more interest in the crypt currency. Changpeng Zhao, CEO of Binance, believes that Peter Schiff's illogical statements promote cryptovolves as people do the exact opposite of his calls.
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