Summary
Bitcoin critic Peter Schiff claims that Bitcoin is in a “stealth bear market” compared to gold. Despite the hype around Bitcoin, Schiff points out that it is trading below 27 ounces of gold and has not reached new highs in real money. He has a history of being critical of Bitcoin and advocating for gold as a better investment. Schiff’s son, who is into crypto, has even gone against his advice and invested in Bitcoin. With the Bitcoin halving approaching, there is anticipation for its impact on BTC’s price.
Key Points
1. Peter Schiff believes that Bitcoin is currently in a “stealth bear market” when compared to gold, as it has been trading below 27 ounces of gold and is down over 27% since its record high of 37 ounces of gold.
2. Despite the hype surrounding Bitcoin, Schiff argues that it has not made a new high in “real money” and may not do so in the future, as the price of Bitcoin is currently around 18.6 ounces of gold.
3. Schiff, a well-known Bitcoin critic and advocate for gold, has been engaged in public debates over which is the smarter investment. Despite his past predictions about Bitcoin, he continues to express skepticism about its long-term prospects.