Gold bug Peter Schiff continues his relentless attack on Bitcoin, claiming that price manipulation, not legitimate demand, was the real reason for the recent pump.
However, community advocate, Jimmy Song, in a heated Twitter exchange, shuts Schiff down by accusing him of bitterness, having passed up on the opportunity of being an early adopter.
Whenever Bitcoin price goes up, Peter comes up with yet another excuse why it’s not real demand. The mental gymnastics on this guy is unbelievable.
But then again, who can blame him? He knew about Bitcoin early and didn’t buy. #BitcoinDerangementSyndrome. https://t.co/2E6SzbLGTT
— Jimmy Song (송재준) (@jimmysong) January 29, 2020
Bitcoin Continues To Outperform Gold
Today, Bitcoin has taken a slight dip following Tuesday’s momentous rally which saw a pump to $9.4k. As of now, the number one cryptocurrency by market cap is sitting pretty at $9,333, having found support at $9,150.
Additionally, bulls can take comfort from the healthy gap between the 200-day moving average, which indicates that the long term trend has not reversed.
Bitcoin/USD daily chart with the 200-day moving average. (Source: tradingview.com)
All in all, this means Bitcoin is up 30% since the start of the year. In comparison, gold is up a modest 4% over the same period. It’s currently priced at $1,579 per oz.
The price of gold since Jan 2020. (Source: bullionvault.com)
Gold Bug Starts War of Words
Despite that, gold bug Peter Schiff remains adamant that Bitcoin is a poor investment choice. Taking to Twitter, Schiff disputes the claim that Bitcoin can act as a safe haven asset. While attributing its recent run of form to price manipulation.
“Whenever there’s actual safe haven demand, Bitcoin pumpers manipulate the price higher to attract buyers, driving the false narrative that #Bitcoin is a safe haven too. Buyers speculate that others will buy Bitcoin as a safe haven, but none do. There’s nothing safe about Bitcoin.”
However, Jimmy Song was quick to rebut Schiff’s claims, accusing him of cognitive dissonance over the investment potential of the number one cryptocurrency.
Moreover, Song felt it appropriate to allege Schiff’s stance comes from a place of having missed out on being an early adopter.
“Whenever Bitcoin price goes up, Peter comes up with yet another excuse why it’s not real demand. The mental gymnastics on this guy is unbelievable. But then again, who can blame him? He knew about Bitcoin early and didn’t buy.“
The Crypto Community Is Tired Of The Hate
Be that as it may, it’s unlikely that Schiff will change his tune on Bitcoin at any time soon. Even when the analysis is clear for all to see.
Indeed, the response to Schiff’s latest outburst has unified the crypto community in calling him out as stubborn. With many saying we shouldn’t entertain his outbursts.
And given the dynamics surrounding the wider macroeconomy, there are some who believe that Bitcoin will flip gold in the coming years.
For example, last year, the CEO of Ballet Crypto, Bobby Lee makes the outlandish claim that BTC will reach $500k, even a $1million, by 2028. His reasoning comes from Bitcoin eventually matching the market cap of gold.
While this point is up for debate, what isn’t is Lee’s observations on quantitative easing. Whether that plays out as driving BTC to $500k remains to be seen. But hyperinflation has always come as a consequence of printing money faster than the growth of real output.
#Gold is at about $8 trillion today, which is 50x the worth of #Bitcoin.
I predict the #flippening will happen within 9 years and $BTC will shoot up past USD $500,000.
And with all of the money printing that’s happening globally, $BTC will actually very likely be over $1 million! https://t.co/hbqGze38k5— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) November 10, 2019
Taking this into account, Schiff should note that there’s plenty of room for both Bitcoin and gold as alternatives to fiat. Whether he acknowledges this is another matter entirely.