Opinion | When Bitcoin prices plummet in the next few years, gold will "land on the moon"

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.

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A person who claimed to be a Bitcoin and squash enthusiast responded that gold is “outdated” and wrote: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

More information: CointelegraphChina / Login https://cointelegraph.cn.com

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

The return rate is 850%? This bitcoin trading robot optimized with Python is so mad...

Last month, AI engineer Adam King combined the advantages of artificial intelligence in forecasting, and proposed the...

Blockchain

Babbitt column | Three mysterious people in the bitcoin civil war

Author: super king The virtual age and the real age of the person are calculated differently. The virtual age is calc...

Blockchain

The rising bitcoin, the mad burning mining machine manufacturer: the real exploration of the Huaqiang North ups and downs of the mining machine rivers and lakes

Manager Yang picked up the computer on his hand and knocked out the latest price of the bitcoin miner. This is alread...

Blockchain

Depth | Coin's stolen 7,000 bitcoins, why did bitcoin rise against the trend and stand out?

table of Contents: First, the currency was stolen Second, technical analysis Third, recurring twists and turns Instit...

Blockchain

Twitter CEO Jack has a dream: from electronic money to social networks

If Bitcoin appeared before Twitter, would the history of social networks be rewritten? One night in 2007, Jack Do ...

Market

Bitcoin continues to wait for direction, two indicators need to attract the attention of short-term investors

There have been a lot of news about the international political and economic situation in the past two weeks, which h...