Peter Schiff, a gold enthusiast and trader, has never shied away from encouraging stock investors to choose gold over Bitcoin. However, his position has led to criticism from the crypto community.
Today, Peter Schiff took to X (formerly Twitter) to clarify his position on using Bitcoin to grow his influence. He said:
“I’m tired of people claiming I’m only against #Bitcoin to generate social media engagement. That’s ridiculous.”
Peter Schiff Does Not Need Bitcoin to Grow Influence
Renowned financial expert Peter Schiff has once again stirred the crypto market by refuting the notion that he uses BTC to chase clout. Schiff, known for his bearish views on crypto, based his latest remarks on BTC’s recent performance against silver and gold, drawing attention to the sharp difference.
I'm tired of people claiming I'm only against #Bitcoin to generate social media engagement. That's ridiculous. If my goal was to maximize engagement I'd come out in favor of Bitcoin. But I'm not willing to sacrifice my integrity just to attract followers or increase engagement.
— Peter Schiff (@PeterSchiff) May 19, 2024
However, the crypto community will not buy that stand. One X user by the name @AndersonJoby told Schiff:
“Peter, if that’s true than never bring up $BTC again. But it’s not, so you will. By going anti Bitcoin that is what drives your engagement and you know this. Nobody believes anything you say lol. You have become the poster child for the $BTC community by being wrong over and over and over again about it.”
Also Read: Is This the End of Bitcoin’s Bull Run? Peter Schiff Thinks So
Schiff Says BTC Is Dead; The Crypto Community Does Not Buy It
Schiff says that silver has gone up 21% since April, while Bitcoin has only gone up 2%. He says that this poor performance is proof that Bitcoin is about to die. On the other hand, Bitcoin supporters say that Schiff only uses short-term data to back his story.
Bitcoin has gone up by almost 60% so far this year, while silver has only increased by 14.46%. This contrast drives ongoing arguments between people who support traditional assets and people who support digital currencies.
On today’s X post, Peter Schiff adds:
“I think Bitcoin is a pyramid scheme, a literal blockchain letter […] If Bitcoin pumpers stop claiming Bitcoin is digital gold then I won’t need to post about it.”
To that end, one X user added:
“Oh come on, we both know Bitcoin’s been the star of the show. You get the whole debasement thing, right? And let’s be honest, you’re kicking yourself for not hopping on the Bitcoin train ten years ago.”
Oh come on, we both know Bitcoin's been the star of the show. You get the whole debasement thing, right? And let's be honest, you're kicking yourself for not hopping on the Bitcoin train ten years ago. But seriously, how do you justify gold's sad little 75% value drop over the… pic.twitter.com/077Dr2gzla
— InvestAnswers (@invest_answers) May 19, 2024
The Crypto Market over the Weekend
Historically, the crypto weekend is known to come with negative sentiments. To that end, the market has had rather an opposite sentiment weekend. Currently, the value of Bitcoin stands at $66,979.31, reflecting a slight 0.3% increase over the past hour and a 0.1% increase since yesterday.
Today, the global crypto market cap stands at $2.53 trillion, with a slight decrease of 0.43% in the last 24 hours and a significant increase of 115.88% compared to a year ago.
Currently, BTC’s market cap stands at $1.32 trillion, indicating a Bitcoin dominance of 52.02%. Meanwhile, the stablecoin market cap stands at $162 billion, representing a 6.39% share of the overall crypto market cap.
Also Read: Bitcoin Price Prediction 2024-2030: Will BTC Price Surpass $100K Post-Halving?
Today, the value of Ethereum (ETH) stands at $3,078.71, reflecting a slight 0.4% increase compared to an hour ago. However, it has experienced a 1.2% decline since yesterday. The current value of ETH has increased by 4.9% in the past 7 days.
Cryptopolitan Reporting by Florence Muchai
