Gold bug and bitcoin bear Peter Schiff says that bitcoin has not been around long enough to be considered a proven safe-haven asset.
In a series of tweets published Feb. 25, Schiff took aim at bitcoin supporters and pundits who call the cryptocurrency a “safe haven” against the traditional markets and global financial catastrophe. Schiff says that bitcoin has not been around long enough or proven itself viable, particularly when compared to a precious metal like gold.
He went on to compare bitcoin to a circus act, saying that cryptocurrency has only proven “P.T Barnum right,”
Bitcoin promoters claim #Bitcoin has proven itself to be superior to #gold as a safe haven and store of value. This is nonsense. Bitcoin hasn't been around long enough to prove anything other than P.T Barnum right. There's a sucker born every minute and many of them own Bitcoin.
— Peter Schiff (@PeterSchiff) February 25, 2020
He also pointed to the falling market price for bitcoin compared to gold over the last week, despite financial uncertainty created in the wake of the coronavirus.
Over the past 5 trading days the Dow Jones is down 7.3%, the NASDQ is down 7.9%, and The Grayscale Bitcoin Trust is down 22%. In contrast GLD, which tracks #gold rose by 1.6%. It should be clear to #Bitcoin bugs and @CNBC anchors that Bitcoin is digital risk, not digital gold.
— Peter Schiff (@PeterSchiff) February 25, 2020
Schiff took the opportunity to criticize bitcoin bull Anthony “Pomp” Pompliano for calling bitcoin a non-correlated asset on a recent appearance on CNN.
On CNN @APompliano admitted that #Bitcoin isn't a safe haven asset, but a non-correlated asset, meaning regardless of what other assets do, Bitcoin is as likely to go down as up. So the value of Bitcoin is that no one has any idea what its price will do. What's that worth?
— Peter Schiff (@PeterSchiff) February 26, 2020
Schiff, who made a name for himself predicting the 2008 global economic meltdown, has since turned his attention to criticizing bitcoin while promoting the value of gold.
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