Renowned economist Peter Schiff mocked Bitcoin BTC/USD investors for their indifference toward the leading cryptocurrency’s declining value against gold, despite the disproportionate media attention.
What Happened: On Thursday, Schiff questioned Bitcoin enthusiasts on X about the worrying trend.
“Are any Bitcoin HODLers concerned that Bitcoin is now down 35% priced in gold since hitting its record high back in Nov. 2021? That’s almost three years ago,” Schiff asked.
The staunch Bitcoin critic said the underperformance came despite heavy advertising, conferences, hype around spot exchange-traded funds, NFTs, MicorStrategy’s Bitcoin holdings, and El Salvador’s pioneering embrace.
Schiff even added a poll to capture Bitcoin maxis’ sentiment. As of this writing, the “What, me worry?” option was leading overwhelmingly with 77% votes, while “Yes, I’m a bit concerned” garnered 22.8% votes.
See Also: Maxine Waters Says ‘Crypto Is Inevitable,’ Other Countries Are ‘Way Ahead’ Of The United States
Several X users countered Schiff on the narrative, reminding him that Bitcoin hit an all-time high earlier in March. However, Schiff remained fixated on the gold-priced value, rather than dollar-priced.
Why It Matters: Earlier this week, Schiff expressed displeasure at investors disregarding gold's record highs while focusing too much on Bitcoin.
His skepticism came at a time when Bitcoin’s popularity was soaring, with many investors and experts viewing it as a viable alternative to traditional assets. Global asset manager BlackRock advocated for Bitcoin as a safeguard against possible future events affecting the U.S. dollar and economy.
Furthermore, Luke Gromen, president and founder of research firm Forest For The Trees, warned that the U.S. dollar-centric global monetary system is breaking down, adding that both gold and Bitcoin are well-positioned assets in this scenario.
Price Action: At the time of writing, Bitcoin was exchanging hands at $64,867.96, up 2.47% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, King Crypto has risen 47%, while gold has gained 29%.
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