• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin is Having a False Price Rally, Says Gold Bull Peter Schiff

Davit Babayan by Davit Babayan
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Bitcoin is Having a False Price Rally, Says Gold Bull Peter Schiff
Advertisement
Listen to Article

A sharp rebound that sent the bitcoin price 179 percent higher this year could soon fizzle, according to Peter Schiff of Euro Pacific Asset management.

The veteran stockbroker said bitcoin has not accurately recovered from 2018’s bearish sentiment, wherein its rate dropped from $20,000 to $3,200 in just 11 months. Adding that every bear market has fake rallies that attempt to “sucker in” the bulls, Schiff noted that the ongoing bitcoin price boom is one of the same things. Excerpts:

“A lot of people got suckered into this pump-and-dump scheme because they heard all the stories about young kids taking their Bar Mitzvah money into bitcoin and bought a Lambo […] Pretty soon, it is going to be stories about people who lost their life savings because they put real money instead of play money into bitcoin.”

Schiff asserted that the bitcoin market has an abundance of fake buying sentiment because the cryptocurrency serves neither the purpose of money nor a store of value. He refuted bulls who believed bitcoin would play the role of a haven asset in times of a monetary crisis, adding that central banks and individual investors would always prefer gold because of its historical significance as money for thousands of years.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“Central banks are buying gold; they are not buying bitcoin because gold is money,” said Schiff.

It's almost like @PeterSchiff has no idea how Bitcoin works. pic.twitter.com/pdam7CxCr4

— ??????? ????? (@StopAndDecrypt) June 2, 2019

Bitcoin Worth Nothing

The statement appeared amidst a Gold vs. Bitcoin debate with Barry Silbert, the founder, and CEO of Greyscale Investment. The prominent investor, who recently supervised a #dropthegold campaign in favor of his bitcoin investment product, argued that the cryptocurrency possesses almost all the characteristics of gold, adding that it is scarce, finite, and divisible. That becomes the basis of why there are now thousands of companies in the bitcoin space metamorphosizing a nascent market into the one that is as mature as gold.

“The thousands of companies that have been launched in the last five years has created tens of thousands of jobs,” said Silbert. “There is a real innovation happening — and I assure you that it is going to propel the bitcoin price higher […] The gold will only perform well when the sh*t hits the fan.”

Schiff believed otherwise. The gold bull argued that bitcoin has no value compared to precious metals, stating that people are buying bitcoin expecting while huge returns on investments. But in the case of gold, people buy fearing the devaluation of national currencies.

“We are in the biggest bubbles that the central banks have ever blown,” he said. “And when it gets popped, the 2008 economic crisis will appear like a Sunday school picnic. Then, people will figure out why gold is important.”

The bitcoin price at the time of this writing was $8,733.

Tags: bitcoingold
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Related Posts

Saylor: Institutional Interest in Bitcoin is Bigger Than You Think

Saylor: Institutional Interest in Bitcoin is Bigger Than You Think

9 hours ago
3 Things Bitcoin Traders Should Watch in FOMC’s First Meeting of 2021

3 Things Bitcoin Traders Should Watch in FOMC’s First Meeting of 2021

11 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Trouble for Bitcoin as 3 On-Chain Indicators Point to Potential Sell-Offs

1 day ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Severe Liquidity Shock Ahead for Bitcoin Market, Warns JPMorgan

1 day ago
regulations

Crypto Exchanges: Slow Shift to Classic Financial Industry Regulations?

2 days ago
defi

11 DeFi Projects Rumored to Be Airdropping Tokens

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

FEB Inc. Announces a New Service, Cost-Effective PR Media Packages for East Asian Markets

January 27, 2021

Hodlnaut Partners with Crowe Singapore to Perform Independent Verification of US$106 Million of CryptoAssets

January 27, 2021

Helio Lending Pivots into Becoming a CeFi Aggregator

January 27, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.