While many financial experts and crypto investors believe that Bitcoin could potentially surpass gold as a universal store of value, renowned economist and global strategist, Peter Schiff has consistently contrasted BTC’s potential with that of gold, asserting that the cryptocurrency pales in comparison.
Schiff Champions Gold Over Bitcoin
In a series of X (formerly Twitter) posts, Schiff elaborates on his stance advocating gold as a better investment alternative to Bitcoin, the world’s largest cryptocurrency. The financial economist also disclosed a notable disparity in the price of Bitcoin as compared to Gold.
According to Schiff, BTC recently experienced a price decrease of more than $3,000 in “10 minutes,” indicating a 4.5% decline in its overall price value. He stated that this decrease would be equivalent to a $100 decline in gold within the same time frame.
While highlighting BTC’s price drop, Schiff revealed that gold was outperforming, demonstrating a modest uptick and poised for further gains. The economist also emphasized a lack of transparency in platforms like CNBC, alleging that the business channel was a “paid promoter of Bitcoin.”
He revealed that CNBC had “once again” ignored gold’s recent record high, asserting that the network was dedicated to promoting BTC, possibly contributing to its price pump. Moreover, Schiff disclosed that the failure of the Bitcoin to gold ratio to reach an all-time high underscores Bitcoin’s limited potential compared to gold.
The renowned economist argued that Bitcoin’s inability to make a new high in relation to gold undermines its case for being a digital gold, potentially hinting that the cryptocurrency is not fit to serve as the ultimate digital store of value. He has consistently lauded gold’s value and potential, disclosing earlier on April 1 that the precious metal is set for significant returns, potentially catching investors and banks off guard.
Financial Expert Says Buy More BTC
While Schiff dissuades the crypto community members from investing in Bitcoin, Robert Kiyosaki, the author of best best-selling novel ‘Rich Dad Poor Dad,’ has urged investors and crypto enthusiasts to acquire the valuable digital asset.
In a recent X post, Kiyosaki advised the broader crypto community to purchase real Bitcoin, highlighting the lack of value in fiat currencies like the dollar and Chinese Yen. The financial author’s perspective of BTC’s is a clear contrast to that of Schiff, who has constantly criticized the cryptocurrency and undermined its value in relation to gold.
Despite the rivalry between the two valuable assets, Bitcoin’s current price remains high at $66,537, while gold’s price is up at $2,261.
BTC price crashes down to $65,500 | Source: BTCUSD on Tradingview.com
Featured image from Finbold, chart from Tradingview.com