Peter Schiff, CEO of Euro Pacific Capital, spoke about the relationship between gold and Bitcoin. Schiff, who always supports the gold side in the Gold-Bitcoin comparison, again criticized Bitcoin with a harsh language.
Overview of the General Table
Crypto money supporters today interpret Bitcoin as digital gold. These names suggest that Bitcoin is a safe haven just like gold and people can take refuge in Bitcoin when they are in a difficult situation.
There are some Bitcoin supporters claiming that Bitcoin is more reliable than gold. The claim of these names is generally based on the fact that Bitcoin performed better than gold in terms of price. When people buy Bitcoin, they not only protect their capital, but they also earn extra income.
On the other hand, gold performs somewhat more stable and does not provide a significant gain to people. Of course, this situation has started to change recently because the price of gold is running to a record.
Going Down the Ground
Peter Schiff, one of the famous names in the investment world, made a new comment about this competition between Bitcoin and gold.
Addressing names comparing gold prices with Bitcoin, Schiff acknowledged that Bitcoin has made more money than gold in recent years. But Schiff’s forecast for the future is a bit different.
According to his estimates, although Bitcoin has made more money than gold in the past years, people will become unable to make money from Bitcoin in the future. Because Bitcoin price will hit the ground. Schiff says that the price of gold will be in flight as the Bitcoin price is picking up the ground.