If you’ve been on Crypto Twitter over the past 24 hours, you have likely noticed one Bitcoin-bashing tweet from Peter Schiff. The message, which can be seen below, shows the libertarian investor claiming that BTC’s price chart “looks horrible.”
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Schiff, in fact, remarked that the “(bear) flag that followed the recent breakdown projects a move to $6,000,” which would imply a 25% drop from current levels if this move pans out. He even added that not only has Bitcoin fallen below a flag, “but we are [also] close to completing the right shoulder of a head and shoulders top … that projects a collapse below $2,000.”
The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to $6K, but we are close to completing the right shoulder of a head and shoulders top, with a $14K head, and neck line just below $8K, that projects a collapse to below $2K!
— Peter Schiff (@PeterSchiff) October 19, 2019
Although Schiff’s technical analysis might be right, many in the cryptocurrency community have been quick to rebut his sentiment that Bitcoin is inferior to gold.
Bitcoin Has (Dramatically) Outpaced Gold
Over the past five-odd years, the chief executive of Schiff Gold, Peter Schiff, has been trashing Bitcoin. Over the years he has called it many things, but one of the bullion proponent’s main theses is that BTC is an asset with no inherent value that will eventually trend to zilch.
So far, this hasn’t been the case. In fact, analyst Rampage recently posted to Twitter that since one ounce of gold topped out at $1,800 seven years, Bitcoin has appreciated by 83,331%. In that same time frame, gold fell by 20%.
$BTC v Gold
Hey @PeterSchiff
I just wanted to personally remind you that bitcoin is up 83,331.79% since gold topped out at $1800 seven years ago.
What's it like hodling a -20% gold bag for seven years? pic.twitter.com/gmAgSwLpsl
— Caesar🦍 (@thrillmex) October 19, 2019
Rampage isn’t the first to have drawn attention to what critics of Schiff see as flaws in the “Bitcoin is inferior to gold” argument.
Anthony Pompliano, a former Facebook team member that has since become a cryptocurrency investor, accentuated that Bitcoin is the best performing asset of the past decade, before adding that the asset’s scarcity and relative lack of penetration is likely to allow it to grow rapidly in the years to come.
Of course, there is no guarantee that the cryptocurrency market will continue to shoot higher in the years to come. Yet, critics have deemed Schiff’s points moot due to his long history of hating BTC as it appreciated higher and higher.
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