Gold advocate Peter Schiff, known for his hostility towards Bitcoin, continues to make a BTC-gold comparison.
The famous name, who denigrates BTC at every opportunity, drew attention to the decline in Bitcoin and the rise in gold and silver following the tension between Iran and Israel in his post on his X account.
Claiming that BTC is not a safe haven as described at this point, Peter Schiff stated that Bitcoin's price variability is a significant source of concern and pointed out that BTC does not act as a stable store of value in situations of uncertainty.
Schiff stated that while the Dow experienced a significant decline of 1.5% following the tension between the two countries, Bitcoin faced a significant decline of 6%; On the other hand, he pointed out that gold showed resistance with a 1.5% increase.
“What's important here is not that Bitcoin is recovering along with other risky assets, but that Bitcoin is down 6% while the Dow is down 1.5% in response to rising geopolitical risk. In contrast, gold is up 1.5%.”
Bitcoin is not the safe haven asset it is advertised to be.
Bitcoin is promoted as digital gold. However, if Bitcoin does the opposite of gold in times of increased risk, how can it be a digital alternative to gold?
This means that Bitcoin is clearly not digital gold. So if BTC is not digital gold and a currency, what is it?
What's significant is not that #Bitcoin rallied back with other risk assets, but that when the Dow initially fell 1.5% in a knee-jerk reaction to escalating geopolitical risk, Bitcoin tanked 6%. In contrast #gold rose 1.5%. Bitcoin is not the safe haven asset it's promoted to be.
— Peter Schiff (@PeterSchiff) April 19, 2024
“Bitcoin is Not Gold 2.0!, Get Silver!”
Peter Schiff pointed out that oil, gold and silver prices rose while Bitcoin and the stock market declined in response to increasing geopolitical tensions.
Emphasizing that especially silver is increasing along with gold, the famous name said that it offers an alternative option for investors looking for stability during the volatility in the market.
Introducing silver as gold 2.0, Schiff said:
“Explosions in Central Iran and Israeli Airstrikes in Iraq and Syria are causing stock futures to fall and oil to rise. Gold instantly rose 1.6% to $2,416. Bitcoin instantly fell 4% to $61,000.” Which is the safe haven and which is highly speculative?
Not only is gold trading at a new record high, but silver is also outperforming, up 1.75%. If you want Gold 2.0. Just buy silver.
Bitcoin is out of fashion.”
Explosions In Central Iran and Israeli Airstrikes In Iraq and Syria send stock futures tumbling and oil spiking. #Gold immediately rallies 1.6% to $2,416. #Bitcoin immediately tanks 4% down to $61K. Which one is a safe haven and which one is a highly speculative digital token?
— Peter Schiff (@PeterSchiff) April 19, 2024
*This is not investment advice.
