Bitcoin ‘Failed Safe Haven Test’ Again: Goldbug Schiff

Bitcoin ‘Failed Safe Haven Test’ Again: Goldbug Schiff
фото показано с : bitcoinist.com

2019-8-30 14:00

Bitcoin proponents have rallied round to denounce gold bug Peter Schiff after he said the cryptocurrency has proven it is not a safe haven.

Schiff: Bitcoin Failed ‘Again’

In a Twitter debate on August 29, Schiff used the sudden weakness in the Bitcoin price to suggest it was an unreliable alternative investment to assets such as stocks and fiat currency.

He rejected previous theories that BTC could help investors looking to hedge risk from exposure to factors such as the US-China trade war.

Bitcoin lost around 8% on Thursday, taking its price to below $9500 – a level it has stayed at since. 

“Bitcoin has again failed the safe haven test,” Schiff declared. 

“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!”

The concept of Bitcoin as a safe haven has seen major traction in recent months as stock markets worldwide tumbled. The largest cryptocurrency nonetheless remains a no-brainer investment: BTC/USD is up 150% since the start of 2019. 

Schiff is well known as a Bitcoin naysayer. Recent weeks have seen him at the center of a number of clashes with the BTC community, some of which became media spectacles. 

Last week, the gold mogul said that Bitcoin would never reach the kind of price levels its foremost figures hope for. $50,000, he tweeted, was impossible, while gold would “eventually” become worth $5000. 

Gold Bug Triggers Parabolic Trav

Responding to his latest comments meanwhile, the Twitter account known as Parabolic Trav took Schiff to task over his apparent logical fallacy. 

“Why on earth would Bitcoin be a safe haven? Bonds are the safe haven in the current paradigm. Nor is gold a safe haven,” a noticeably triggered Trav wrote. 

“Bitcoin is simply, over time, ‘number go up[.]’ If you try to fit it into the legacy financial analysis box, you’ll be rekt[.] Which is what you are Pete!”

Gold has nonetheless performed strongly this year. In August, the precious metal reached a new record price against the euro. 

Going forward, other BTC participants expect current price underperformance to become an insignificant issue. In an interview with Bloomberg this week, Galaxy Digital CEO Mike Novogratz said the tide of institutional investor involvement would slowly start to show its impact on Bitcoin markets.

What do you think about Peter Schiff’s latest ani-Bitcoin argument? Let us know in the comments below!

Images via

The post Bitcoin ‘Failed Safe Haven Test’ Again: Goldbug Schiff appeared first on Bitcoinist.com.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 63547.19 (+0.23%)
Объем 24H $30.5b
Изменеия 24h: -1.26 %, 7d: 0.29 %
Cегодня L: $63041.13 - H: $63915.37
Капитализация $1251.562b Rank 1
Цена в час новости $ 10400.93 (510.98%)

bitcoin schiff again failed safe haven goldbug

Источник: bitcoinist.com

bitcoin schiff → Результатов: 88


Peter Schiff Warns Investors From Bitcoin, Says They Should Buy This Instead

Economist Peter Schiff has long been against Bitcoin. He has repeatedly warned investors to stay away from the digital asset because he does not believe that it holds any inherent value. Now, more often than not, Schiff has always been wrong about Bitcoin but that has not stopped the economist from preaching strongly against the cryptocurrency.

2023-4-5 16:00


Фото:

“BTC Will Hit Ground Zero” Peter Schiff Blasts As Bitcoin Tanks

Popular crypto-critic, Peter Schiff, has talked tough against Bitcoin following its nascent decline below the $30,000 belt. In what looked like a Twitter thread of vituperations mocking Bitcoin’s woes, Schiff rolled out a chronicle of comparative analysis between Bitcoin’s performance as an investment choice and that of his beloved gold. That gold has drifted only […]

2021-6-25 16:45


Фото:

“The Next Crash Will Be Brutal!” Top Crypto Critic Peter Schiff Asserts After His Son Went All-In On Bitcoin

On Thursday, renowned cryptocurrency arch-critic, Peter Schiff, took to Twitter to lament Bitcoin’s growing influence on his family. Struck by the decision of his 18-year-old son, Spencer Schiff, who took an 8% interest loan off Coinbase to fetch some bitcoin into his asset satchel, Peter tweeted a hot swipe at HODlers by labeling his son’s […]

2021-6-20 20:21


Peter Schiff Claims Bitcoin Is Back in a Bear Market

Gold bug Peter Schiff believes that bitcoin’s recent fall signals the start of a new bear market. In response to a tweet by Gemini Co-Founder Tyler Winklevoss, Schiff, who is the CEO of Euro Pacific Capital, credited bitcoin’s surge over the past two months to a spillover effect from gold and a fortuitous television ad […] The post Peter Schiff Claims Bitcoin Is Back in a Bear Market appeared first on BeInCrypto.

2020-9-7 02:08


Фото:

Peter Schiff Is the Last Person Who Should Lecture the Public on Bitcoin

Peter Schiff has spent the past few years bashing Bitcoin and advising people not to even touch it, leading one to wonder why he’s bent on giving counsel about the asset. On Sunday, the gold bug sparked a massive debate over cryptocurrencies and their storage after he announced on Twitter that he had lost access […] The post Peter Schiff Is the Last Person Who Should Lecture the Public on Bitcoin appeared first on BeInCrypto.

2020-1-25 20:10


дальше еще 39 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Is Peter Schiff Clueless About Bitcoin? BitMEX Spars Over Fee Spike

The recent Bitcoin halving event, meant to slow down the creation of new coins, has ignited a fresh debate within the cryptocurrency community. Economist Peter Schiff threw gasoline on the fire by criticizing Bitcoin’s viability as a currency due to rising transaction fees and sluggish processing times.