Gold Glitters, Bitcoin Falters: Peter Schiff Renews Attack on “Digital Fax Machine Tokens”

Gold shatters records while Bitcoin stalls. Bitcoin advocate turned critic, Peter Schiff, doubles down on his stance, calling Bitcoin a “failing” digital gold.

Schiff Points to Gold’s All-Time High, Bitcoin’s Lackluster Performance

Gold continues its price surge, reaching a record high of $2,260 per ounce. Meanwhile, Bitcoin (BTC), despite achieving its own all-time high in US dollars, fails to impress Schiff. The economist highlights Bitcoin’s inability to reach a new high when priced in gold, undermining its claim as “digital gold.”

Schiff Doubles Down with Charts and Criticism

Schiff isn’t shy about sharing his views. He retweets fellow gold advocate Peter Spina’s chart, emphasizing the “Bitcoin to gold ratio” as proof of Bitcoin’s failure to reach new heights. He further criticizes Bitcoin as “digital fax machine tokens,” suggesting they are inferior and speculative.

Schiff Mocks Bitcoin Pumpers, Highlights Dollar Gains

Schiff recently mocked those celebrating a modest $25 rise in gold price. He argues that when compared to Bitcoin’s gains, gold’s recent two-day increase of 3% (around $450 billion in market cap) is much more significant. Bitcoin, he claims, would need to reach $94,000 to match the dollar value increase of gold.

Schiff Warns Young Investors, Predicts Bitcoin Crash

Schiff previously issued a warning to young investors, suggesting their preference for Bitcoin over gold stems from a lack of experience. He predicts they’ll eventually turn to gold as they gain “wisdom.” Additionally, Schiff anticipates a “catastrophic crash” for Bitcoin due to its growing presence in spot ETFs, a move he believes increases vulnerability.

Bitcoin’s Performance: Holding Steady Despite Schiff’s Criticism

At the time of writing, Bitcoin trades at $69,658, experiencing a minor daily dip but holding onto weekly and monthly gains. Despite Schiff’s criticism, Bitcoin remains up over 64% year-to-date.

Disclaimer: This article is for informational purposes only and should not be considered financial advice.

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