Technology

Bitcoin preference over Gold, Peter Schiff names key reason – Crypto News

Published

12 months ago

March 31, 2024

Dripp

Prominent crypto critic and businessman Peter Schiff has pointed out that young people prefer Bitcoin (BTC) to gold because the former is likely to register more growth during their “short lifetimes.”

Peter Schiff Still Not a Bitcoin Fan

Over time, it has been discovered that BTC is a more preferred asset in comparison to traditional assets like gold. This was even seen in how spot Bitcoin ETFs outperformed gold ETFs a few weeks after the United States Securities and Exchange Commission (SEC) greenlighted the products in January. Peter Schiff who noticed the trend recently took a jab at Bitcoin lovers citing the reasons he thinks they prefer crypto to gold.

The American stockbroker believes that this set of individuals made their choice based on their ignorance and lack of experience. However, he placed more emphasis on the fact that Bitcoin price has a higher tendency to register reasonable growth in a shorter time compared to gold.

“……other than ignorance and lack of experience, is that during their short lifetimes, Bitcoin is up much more than gold. But by the time they gain the wisdom that comes with age, Bitcoin will have collapsed and they will prefer gold,” Schiff stated.

Judging from how he concluded his post on X, it is obvious that Schiff is still anti-bitcoin despite recently launching an NFT collection with payments made in cryptocurrency.

Robert Kiyosaki Plays Knowledge Playbook With Schiff

He has tried on several occasions to derail BTC investors from moving forward with their investments. MicroStrategy’s Michael Saylor recently received such unsolicited advice from Schiff after the business intelligence and software company made a new acquisition that moved its total Bitcoin holding to 214,246 BTC.

To prove his point, Schiff pointed out Bitcoin’s 20% value drop from its peak, which raised the issue of MicroStrategy’s possible financial losses.

For someone who seems to think that Bitcoin lovers are ignorant, Schiff was criticized last week by the author of “Rich Dad Poor Dad” Robert Kiyosaki for displaying a lack of financial knowledge. Kiyosaki went as far as offering Schiff some educational materials for improvement.

Meanwhile, one X user pointed out that the American businessman and two other market experts have constantly been wrong about their predictions of Bitcoin.