Peter Schiff is Not Changing his Mind on Bitcoin yet

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Several gold bugs don’t take kindly to Bitcoin, for a variety of reasons. One such individual is Peter Schiff. As a known gold investor, he continuously tries to dissuade people from investing any money in Bitcoin. 

Peter Schiff Still Dislikes Bitcoin

It is a well-known fact that Peter Schiff and Bitcoin do not mix. The respected gold bug has often voiced his opinions on cryptocurrencies. More often than not, those opinions are rather negative, but that is his prerogative. Everyone can have opinions on different matters, whether it is Bitcoin, gold, or anything else. That doesn’t make someone right or wrong, even though statistics can help paint a different picture. 

In Peter’s case, he continually continued to claim that Bitcoin is a bubble. It is true there have been many bubbles in the financial industry over the centuries. Comparing Bitcoin to the tulip bubble has been tried before, yet there are clear differences between the two. Unlike tulips, Bitcoin does have value, at least to the right people.

This year, there has been a lot more talk about Bitcoin and gold in the same sentence. Both assets suffered in early 2020, only to mount a very strong price increase in the following months. Value-wise, Bitcoin and gold are rather far apart today, but their market patterns aren’t too different. Peter Schiff knows this too, yet he seems to favor bullion over cryptocurrency. 

Despite his dislike of BTC, Peter Schiff tweets about it regularly. Earlier this week, he even went after Grayscale for their GBTC investment vehicle. Schiff firmly believes the company is manipulating the market by not letting users withdraw their Bitcoin. All of this is done while charging a 2% annual service fee to boot. Some interesting comments on that company, although they are doing nothing out of the ordinary.

Gold and Bitcoin can co-Exist

4Contrary to what Peter Schiff may illustrate, Bitcoin and gold aren’t mutually exclusive. In fact, there are many investors who have both in their active portfolio. Diversification is key in the financial industry. Especially with COVID-19 still causing havoc, tapping into many different assets is all the more important and worthwhile.

When it comes to inflation, Peter Schiff is convinced investors will not flock to Bitcoin. Instead, he expects them to buy bullion first and foremost. Unlike Bitcoin, gold has very little speculative appeal for most. It is primarily a store of value. Bitcoin, on the other hand, can gain more value, but it is also more volatile by default. 

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