Economist and investor Peter Schiff compared the performance of Bitcoin and gold over the past six months. The expert said that the first cryptocurrency is losing ground against the most popular precious metal.
Gold investment advocate Peter Schiff pointed out that Bitcoin has fallen 8% in six months, while gold has risen 23%. Crypto enthusiasts’ hopes that BTC will overtake gold or match it in market capitalization now seem increasingly unlikely, the economist said. In addition, according to him, gold has a significant gap in market capitalization compared to Bitcoin.
Schiff acknowledged that the first cryptocurrency has grown by 36.33% since the beginning of the year, but this growth was only noticeable in the first two months due to the hype around the launch of spot cryptocurrency ETFs in the US.
The economist said he is open to everything new, but has yet to come across any convincing argument that would change his skeptical position on Bitcoin. Therefore, the experienced investor is firmly convinced of the superiority of gold over Bitcoin.
Peter Schiff recently criticized long-term holders of the first cryptocurrency, calling their strategy senseless. The businessman is sure that sooner or later Bitcoin will lose its value.
Stay up to date! Subscribe to World Stock Market on Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
