The chairman of SchiffGold.com, Peter Schiff, has just dropped another jab against leading cryptocurrency Bitcoin to further his usually attack against the digital currency.
Without considering the fact that the world is facing financial crisis evenly, he raised concern over Bitcoin’s downward slope in the market, largely because of the latest drop that pulled the cryptocurrency from above $8,000 to around $5,200 within the space of 48 hours.
Schiff compared Bitcoin’s drop in the market today (25%) to Gold’s (2.5%), saying the former cannot be real digital Gold.
He described the present state of Bitcoin as one that brings regret to the level of pulling out institutional fund. He said if there is any institutional fund in Bitcoin, now is the time it will come out and it will never return.
Schiff furthered that the digital currency has eventually proven to the world that it is not worth being a store of value, safe haven, nor a non-correlated asset.
“If any institutional money ever actually went into Bitcoin it’s about to come out, never to return. Bitcoin has finally proven conclusively that it’s neither a store of value, a safe haven, nor a non-correlated asset. The Bitcoin chain letter has finally run out of links!” Schiff said.
However, a Bitcoin evangelist replied Peter Schiff, the renowned Bitcoin critic and Gold maximalist. Known as Crypto Bull on Twitter, the Bitcoin maximalist said despite the pullback, Bitcoin still outperforms Gold this year like it does every year.
CNBC Behind Bitcoin Price Pump All This While
American stock broker Peter David Schiff said CNBC has been behind the Bitcoin’s price pump in the market. Schiff, an American libertarian, said the news platform is fond of pushing the price of the leading digital currency up with non-stop daily coverage.
Also the CEO of Euro Pacific Capital, Schiff, said this lets “whales to dump their holdings onto CNBC’s audience.”
The popular broker averred that it is funny that CNBC now maintains silence on Bitcoin, now that the virtual currency has crashed.
CNBC pumped the price of #Bitcoin with non-stop daily coverage on the way up, allowing the whales to dump their holdings onto CNBC’s audience. Now as Bitcoin crashes, @CNBC has maintained radio silence on Bitcoin all week. What gives? Did their lawyers finally impose a gag order?
— Peter Schiff (@PeterSchiff) March 12, 2020