Gold bug and regular bitcoin detractor Peter Schiff took to Twitter to argue how the cryptocurrency had failed to prove itself as a safe haven asset during a recent episode of global turmoil. 

Bitcoin as a Safe Haven

On Aug. 28, Schiff published a series of tweets explaining that bitcoin had once again failed to pass the “safe haven test.” While BTC has a history of price volatility, some analysts have begun to refer to bitcoin as a safe haven asset to hedge against turmoil in the traditional markets. 

However, Schiff believes gold and certain fiat currencies provide a better alternative. 

He said, 

Bitcoin has again failed the safe haven test. On Friday, as escalating trade tensions sent global stock markets plunging, investors sought refuge in monetary safe havens. The Japanese yen, Swiss franc, and especially gold all moved higher. Yet Bitcoin plunged by more than stocks!

BTC supporters argued that the price of bitcoin was not plunging, despite its fall in value throughout August. Schiff countered that bitcoin losses have outpaced the stock market, while precious metals have continued to rise. 

When criticized over his fixation with tarnishing bitcoin, which has become routine at this point, Schiff argued that he is acting out of concern for investors enamored with crypto. Schiff continued to champion gold as the ‘true’ safe haven asset to hedge against economic turmoil, calling bitcoin a “fool’s gold,”