Gold bug and crypto critic Peter Schiff took to Twitter to bash bitcoin after predicting that gold will “moon.”
In a series of tweets published April 11-12, Schiff went on a tirade against bitcoin and crypto-assets while continuing to provide his support for precious metals such as gold.
Schiff went after crypto supporters making fun of gold’s slow gains over the last several years and claimed that bitcoin and precious metals would experience a role reversal in the future. He predicted that bitcoin would crash while gold “moons.”
Over the past several years Bitcoin hodlers poked fun at gold investors because #Bitcoin gained so much more than #gold. Over the next several years those roles will reverse, but not because gold rises more than Bitcoin, but because gold moons as Bitcoin crashes back to earth.
— Peter Schiff (@PeterSchiff) April 11, 2020
Schiff poked fun at the notion of debating money with bitcoin supporters, likening the experience to “banging your head against a wall.” He warned that bitcoin investors are poised to learn a “very expensive” lesson in economics if the price follows his projection.
Trying to explain the concept of money to a #Bitcoin hodler is like banging your head against a wall. These guys are about to learn a very expensive lesson in economics and gain a new appreciation for the age old saying “easy come, easy go.”
— Peter Schiff (@PeterSchiff) April 13, 2020
Schiff also refuted economist John Vaz’s comparison between bitcoin and prison cigarettes as an alternative to government fiat, arguing that the former has no intrinsic utility.
Cigarettes are money because inmates can smoke them. Even non smokers value them, as there are plenty of smokers in prison. So cigarettes function as a medium of exchange and a store of value, as they can be smoked in the future. You can't smoke #Bitcoin!https://t.co/BxsKXzmWat
— Peter Schiff (@PeterSchiff) April 13, 2020
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