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Schiff believes that Bitcoin cannot be compared to gold since gold has hit a new record high while BTC is already topping out.
Key Notes
Peter Schiff says Bitcoin will likely fall below $58K, comparing it with gold's recent high.According to him, Bitcoin also cannot be compared with silver, which is also on the rise.The popular Bitcoin bear is a long-time supporter of gold's position over BTC..Popular Bitcoin (BTC) critic Peter Schiff has offered a bearish opinion on the world’s largest cryptocurrency. According to Schiff, BTC BTC $59 018 24h volatility: -1.8% Market cap: $1.17 T Vol. 24h: $25.89 B is currently on track to fall below $58,000.
In an X post, Schiff compared Bitcoin’s performance to gold. Schiff, who is a gold proponent, noted that gold is at a new record high above $2,586. In an earlier post, Schiff had written that silver broke above $31, while Bitcoin fell below $59,000. Dismissing Bitcoin, he added that “not only is Bitcoin not digital gold, it’s not even digital silver”.
Bitcoin has been compared with gold and is considered a digital version of the yellow metal because of its potential for investment. However, Schiff has long disagreed, believing that the king coin has no inherent value.
Schiff’s Preference for Gold Over Bitcoin
Schiff, who is the CEO and chief global strategist at asset management firm Euro Pacific Capital Inc, also believes that the Bitcoin market has “likely topped out.” In response to a user who challenged his criticism of Bitcoin at $58,000, Schiff explains that the point of his post is that the king coin is topping out, indicating a potential plunge “a lot lower than $58K”.
Last Friday, Schiff celebrated gold at $2,573, calling the day a lucky one for gold investors. In his usual fashion, he mocked Bitcoin, saying its speculators are out of luck. Interestingly, Schiff added that record gold prices usually point to other issues like unemployment, inflation, and a possible recession.
The popular investor recently rebuked CNBC’s Fast Money show for failing to mention gold despite its record high and top-performing mining stocks. He added that CNBC’s coverage is unfair because the media giant usually reports Bitcoin extensively when it hits a new high.
Pro-Bitcoin Sentiments from Kiyosaki and Standard Chartered
While Schiff is known for deriding Bitcoin, popular author and investor Robert Kiyosaki is a well-known Bitcoin bull. The Rich Dad Poor Dad author recently advocated for the personal use of Bitcoin to hedge against economic problems caused by US debt. Kiyosaki noted that the debt level has hit $35 trillion, a problem he says neither Donald Trump nor Kamala Harris can solve. According to him, the US debt rises over $1 trillion every 100 days, indicating that “the dollar is trash”. Kiyosaki’s solution is for people to stop saving dollars and save assets like Bitcoin, gold, and silver.
Financial services giant Standard Chartered has offered a bullish opinion on Bitcoin regardless of the election winner. In general, the bank believes the election’s potential effect on the Bitcoin market might be blown out of proportion. According to global head of digital assets research Geoff Kendrick, Bitcoin’s climb depends on several varying factors and not the winner of the election. The report offers a potential climb to $125,000 under Trump or $75,000 under Harris. Either projection will happen by the end of the year.
However, Kendrick believes some volatility is possible, especially in the event of a Harris win. Bitcoin could initially sell off, but regain its momentum as regulatory reforms and institutional adoption continues.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
