In a tweet on March 4, the outspoken crypto critic claimed that Bitcoin should have taken advantage of volatility in traditional markets.
Schiff on BTC: “Look out below!”
Despite reclaiming $8,800 since the weekend, Schiff said that BTC/USD “won’t go up” and that therefore selling pressure would ensue.
“If @Bitcoin can't rally with an emergency 50 basis point rate cut, plus all of the recent stock, bond, currency and gold market volatility, under what circumstances will it rally?” he reasoned.
“If Bitcoin won't go up, why own it? The answer to that question is ‘sell.’ Look out below!”
Proponents used to fending off Schiff’s complaints were quick to point out that overall, Bitcoin had delivered gains several orders of magnitude higher than gold’s since its release in 2009.
“Which one would an intelligent person hold for 8 years? Gold - Still down Bitcoin - Up 2000x,” the @Bitcoin Twitter account retorted.
“Don’t be like Peter”
Commentator WhalePanda took a similar approach.
“Imagine being Peter. Knowing about Bitcoin since 2011. Still trying to say it will crash any day now,” he tweeted.
“Gold is about same price now as it was in 2011. Bitcoin... went from $1 in 2011 to $8.8k now. Don't be like Peter.”
Despite Bitcoin’s year-to-date returns alone circling 20% at current prices, Schiff has upped the frequency of his claims that its future is doomed. Last week, he described Bitcoin investors and “suckers” and refused to believe in its increasingly-popular status as a safe haven investment.
At the same time, gold suffered its biggest one-day loss since 2013 due to coronavirus fears. After the United States Federal Reserve enacted an emergency 0.5% rate cut on Tuesday, the first such move since the 2008 financial crisis, the precious metal added 2.5%.