Following the recent drop in Bitcoin price, famous Bitcoin critic and gold advocate Peter Schiff has come back into the spotlight.
Schiff stated on social media that Bitcoin has lost 32% of its value against gold since its peak in August. The renowned economist argued that this period could mark the beginning of a severe bear market, and that investors should turn to real gold instead of what he labeled “fake gold.”
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Schiff’s statement drew a swift response from the cryptocurrency world. Binance founder Changpeng Zhao (CZ) responded with a humorous reference to Schiff’s years-long criticism of Bitcoin. Zhao noted that Schiff had only been right for a short period in Bitcoin’s 16-year history, highlighting Bitcoin’s long-term performance. He also noted Bitcoin’s rise from $0.004 to $110,000, arguing that cryptocurrency remains a major success story compared to gold:
“In the 16 years Bitcoin has existed, we should have listened to him two months ago. He’s been right about 1% of the time. Aside from BTC’s rise from $0.004 to $110,000 in 16 years, I’m pretty sure Bitcoin has experienced more downside volatility than gold.”
*This is not investment advice.
Continue Reading: Bitcoin Critic Peter Schiff Says “Ditch the Fake Gold,” Binance Founder CZ Responds
