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Home Cryptocurrency news Bitcoin

Crypto Pundit Peter Schiff Says Gold Is In Early Bull Market, But Bitcoin Is a Sucker’s Rally

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
gold bitcoin
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Bitcoin has drawn many comparisons to Gold, and is often referred to as the digital version of the precious metal and commodity due to its scarcity, potential as an economic hedge, and use as a store of value, among many others similarities the crypto asset and Gold share.

Amidst increased trade tensions and a looming global economic meltdown, both assets have also begun to rise in recent weeks and are setting the stage for a high-powered bull run. However, vehement opposer to Bitcoin and cryptocurrencies, Peter Schiff says that Gold’s rally is an early bull run, while Bitcoin’s is nothing more than a “sucker’s rally.”

Peter Schiff: Bashing Bitcoin, or Biased Boasting?

Peter Schiff, American stock broker and financial commentator, has repeatedly dragged Bitcoin’s name through the mud. He’s says the crypto asset is more akin to tulips than digital alternative to Gold – even despite its value continuing to climb, and always bouncing back from ever bubble pop and doomsday prediction.

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His stance shouldn’t come as a surprise. Schiff is the founder of Manhattan-based precious metals-focused investment firm SchiffGold (formerly Euro Pacific Precious Metals, LLC), and is clearly biased towards Gold. Schiff though is also bearish on fiat currencies – especially the US dollar – and not just Bitcoin.

True, but gold is early in a bull market. Bitcoin is a bubble that has already burst. This is a sucker's rally.

— Peter Schiff (@PeterSchiff) June 21, 2019

Schiff recently tweeted that spot Gold had “broke through $1,400” and suggested investors “buckle up.” Crypto supporters quickly flooded his feed with notes about Bitcoin breaking above $9,500 and $9,600 to show how the crypto asset is performing against his precious metal.

The outspoken Bitcoin opposer responded claiming that while Gold is “early in a bull market,” Bitcoin is a “bubble that already burst,” and the recent rally in crypto markets is nothing more than a sucker’s rally.

Related Reading | Tech Stocks, Gold, Oil, and S&P 500: Bitcoin ROI Beats Them All 

That’s not necessarily a bad thing, though, as according market cycles, real bull runs often are preceded by disbelief rallies where a commonly shared thought is “this is a sucker’s rally.” If Schiff believes this is a sucker’s rally, maybe he’s right, and this is just the sucker’s rally ahead of the real bull market, and Bitcoin will soon give Gold a real run for its money – pun intended.

Schiff Gets the Last Laugh: BTC Market Cap Won’t Reach Gold

While Peter Schiff is almost certainly wrong about Bitcoin and his bearish beliefs related to the crypto asset, he may end up having the last laugh over crypto investors.

Highly doubt BTC will ever reach the market cap of gold. Based on the principle of a logarithmic growth curve, a Bitcoin could reach 100 gold ounces. In terms of scarcity [and supply], it would have to reach something like 430 ounces [a bar] for market caps to be at parity. pic.twitter.com/cVW7vtMlxq

— dave the wave (@davthewave) June 21, 2019

According to long-term crypto chartist, Dave the Wave, based on the “logarithmic growth curve” the analyst uses to map out Bitcoin’s price charts, “Bitcoin could reach 100 gold ounces.” To reach the same market cap as Gold, Bitcoin would need to see a value closer to a full bar of gold per BTC.

For Bitcoin to reach the market cap of Gold, it would need to reach a price of $350,000 per BTC to bring the two market caps at parity.

Tags: bitcoincryptogoldMarket Cappeter schiff
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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