Peter Schiff, skeptic and peddler of franc crypto, is once again targeting the Bitcoin community on Twitter.
Schiff predicts that the coming years will see the “moon” in gold while Bitcoin (BTC) “will fall back to Earth”.
“Bitcoin bugs” don’t understand money
In a tweet published on April 11, Peter Schiff predicts a reversal of what he describes as a persistent trend of “Bitcoin hodlers pok[ing] have fun with gold investors ”faced with the spectacular outperformance of gold by BTC in recent years.
Schiff assumes that the trend will reverse in the form of “moons” in gold in the coming years, predicting that the price of BTC will “fall back to Earth”.
In recent years, Bitcoin enthusiasts have mocked gold investors because #Bitcoin earned much more than #gold. Over the next few years, these roles will reverse, not because gold rises more than Bitcoin, but because gold moons when Bitcoin folds back to earth.
– Peter Schiff (@PeterSchiff) April 11, 2020
Schiff also claims that the crypto community has accused him of not understanding the technology behind Bitcoin, to counter that “Bitcoin bugs” have a poor understanding of money and its history:
“Bitcoin bugs accuse me of not understanding the technology. But by engaging them on Twitter, I discover how few of them understand money or its history. It helps explain why they were so easily sucked #Bitcoin, and are so dismissive of #gold. “
In response to the tweets, crypto-Twitter reacted with a mixture of sarcasm, solidarity with gold, and users competing to quote disparaging remarks about Bitcoin made by Schiff when the price of BTC was still three-digit.
Self-described lover of Bitcoin and racquetball responded with a description of gold as “archaic”, displaying:
“It is the year 2020, it is time that we stop using the stones as currency or as a store of value. It has worked very well for cavemen and non-digital societies. However, we are more advanced than that now. #Bitcoin is simply the best form of money and to store your wealth. “
Taking a more friendly tone, the user BRRRRRay wrote: “In fact, most of us also hold gold” to the chorus of fellow crypto gold-owning hodlers announcing their exposure to both Bitcoin and precious metals.
ClawManSlippy accused Schiff of inciting crypto-Twitter in an effort to promote its gold business, Tweeter:
“Why do you put it like Gold v. Bitcoin when the real enemy of wealth is the impression of unlimited money by world governments? Or is it just a sales pitch for your business interests? “
At the beginning of April, the investment company Van Eck published a report finding a peak in correlation between gold and Bitcoin in 2020.