Original title: "Peter Schiff predicts that when Bitcoin prices plummet, gold will soar"
Peter Schiff once again pointed the finger at the crypto community, predicting that when Bitcoin collapses in the next few years, gold will "moon to the moon."
The outspoken cryptocurrency skeptic and gold supporter Peter Schiff once again targeted the Bitcoin community on Twitter.
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Schiff predicts that in the next few years, gold will "land on the moon (price soaring)", while Bitcoin (BTC) "fall into the earth (price plunge)."
Bitcoin enthusiasts don't understand currency
Peter Schiff predicted in a tweet posted on April 11 that as bitcoin's performance has outperformed gold in recent years, what he said is "bitcoin holders ridicule gold investors." The trend will reverse.
Schiff speculates that this trend will be reversed as gold "goes to the moon (price spike)" in the next few years, and predicts that the price of BTC will "fall into the earth (price plunge)".
In the past few years, bitcoin holders have ridiculed gold investors because investing in bitcoin has far more benefits than gold. In the next few years, these roles will be reversed, but this is not because gold has risen more than Bitcoin, but because the price of gold will soar as Bitcoin prices plummet.
-Peter Schiff (@PeterSchiff) April 11, 2020
Schiff also claimed that the crypto community accused him of failing to understand the underlying technology of Bitcoin, and Schiff countered that “bitcoin enthusiasts” lacked an understanding of the currency and its history:
"Bitcoin enthusiasts accuse me of not knowing the technology. However, when I communicated with them on Twitter, I found that many of them know very little about the currency and its history. This helps explain why they are so easily Coins are attracted, but gold is so dismissive. "
Twitter response on cryptocurrency
In response to these tweets, Twitter's response to cryptocurrencies included both irony and solidarity with gold, as well as users competing to quote Schiff's derogatory remarks about Bitcoin, when the price of Bitcoin was still in triple digits.
A person who claimed to be a Bitcoin and squash enthusiast responded that gold is “outdated” and wrote:
“Now is 2020, it ’s time we stop using stone as a way of storing money or value. It is very effective for cavemen and non-digital societies. However, we are now more advanced than then. Bitcoin is a better form of currency that can Save your wealth. "
User BRRRRRay wrote in a friendly tone: "In fact, most of us also hold gold", together with other cryptocurrency holders who hold gold, announced that they hold both bitcoin and precious metals.
ClawManSlippy accused Schiff of inciting Twitter about cryptocurrencies to promote its gold business, and wrote on Twitter:
"When the real enemy of wealth is the unlimited printing of banknotes by global governments, why should you frame it as a battle between gold and bitcoin?" Or is this just a promotion for your business benefit? "
In early April, the investment company Van Eck released a report, pointing out that the correlation between gold and Bitcoin reached its peak during 2020.
Original link: https://cointelegraph.cn.com/news/peter-schiff-predicts-gold-will-moon-while-bitcoin-crashes
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