Peter Schiff Downplays Bitcoin, Hypes Gold's Rise: 'Wake Up And Smell The Bear Market'

Renowned economist Peter Schiff compared the record high of gold with the contrasting decline of Bitcoin BTC/USD, hinting at a bear market for the cryptocurrency.

What Happened: On Tuesday, Schiff wrote on X that gold had hit another record high, trading just below $2,450. He forecasted that it wouldn’t be long before the yellow metal breaks above $2,500.

Schiff contrasted this with Bitcoin’s performance, stating that when priced in gold, Bitcoin is down 30% from its 2021 record high. “Wake up and smell the bear market HODLers,” the gold bug said, jeering at long-term investors of the world’s largest digital currency.

See Also: Dogecoin Could Reach A New All-Time High ‘By The End Of August’…If This Historical Pattern Holds

Why It Matters: Schiff has been criticized for coming up with small timeframe windows to highlight Bitcoin’s weaknesses and exaggerate the performance of assets he supports. 

However, even a cursory glance at the returns offered by Bitcoin and inflation hedge assets shows that the “digital gold” has massively outperformed its real-world counterpart. Even over the last year, Bitcoin is up 120%, compared to gold’s 25% gains.

Earlier this month, he warned that the cryptocurrency’s bear market was far from over and predicted further downsides for Bitcoin. Since this prognosis, Bitcoin has jumped more than 20%.

Price Action: At the time of writing, Bitcoin is exchanging hands at $65,669.07, up 1.52% in the last 24 hours, according to data from Benzinga Pro. Spot gold is trading at $2,474.36, up 0.26%.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.