Israel’s retaliatory attack on Iran sent gold back above $2,400. Peter Schiff, whom we know as the ‘gold bug’, appeared on the stage again following the latest developments. Schiff noted that silver has outperformed Bitcoin as a hedge against geopolitical tensions. Additionally, Schiff claims that Bitcoin ETFs will soon be abandoned by investors.
Peter Schiff: Bitcoin cannot be “Gold 2.0,” but…
cryptokoin.comAs you follow from , geopolitical tensions have been determining the pulse of the markets lately. Iran’s attack on Israel and Israel’s retaliation trigger risk aversion in the markets. This increases the demand for safe haven assets. Gold stands out as one of these safe assets. Famous investor Peter Schiff, whom we know as the gold bug, draws attention to the fact that Bitcoin fell below $ 60,000 due to increasing tensions. Schiff even claims that the “Bitcoin fad” is over.
At midnight, the Bitcoin price suddenly fell 6%. However, it later made a strong recovery and traded as high as $64,500. However, Schiff says he is running out of excuses to sell Bitcoin. He also states that Bitcoin investors who claimed that Bitcoin was the only asset that could be sold when other markets were closed are now running out of excuses. Schiff also notes that gold is outperforming Bitcoin. Additionally, he notes that silver should be considered “gold 2.0” rather than Bitcoin.
While BTC is losing altitude, gold and silver are rising
The cryptocurrency community is no stranger to these statements by Peter Schiff. Schiff sees an opportunity to attack cryptocurrencies as Bitcoin’s price falls and gold’s performance increases. Although experts state that there is some truth to it in some aspects, historical performance shows that this is not the case.
Recently, the strong performance of gold and silver prices creates new opportunities for investors. The fact that silver has outperformed gold shows that it is an alternative option for investors looking for stability. Bitcoin’s loss of value and turmoil in the market are a sign that trust in cryptocurrencies is decreasing.
“Bitcoin ETF investors will abandon ETFs!”
Therefore, Bitcoin critic Peter Schiff states that Bitcoin’s depreciation highlights the enduring value of gold. Schiff also states that Bitcoin has experienced a 30% decline compared to previous years. Additionally, he sees new Bitcoin ETF investors having an impact on the market. However, Schiff suggests that these investors will abandon their positions soon.
BTC believers remain bullish
Bitwise CEO Hunter Horsley disagrees with Peter Schiff. Horsley is skeptical of the idea that long-term Bitcoin investors are selling due to rising geopolitical tensions. The CEO maintains that conversations with long-term investment experts have not indicated any significant redemptions or concerns in this regard. Horsley notes a trend in which numerous Registered Investment Advisors (RIAs) and multifamily offices are actively considering investing in Bitcoin, although they may not discuss it publicly.
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