The Bitcoin price has blasted past the pivotal $10,000 mark on Sept. 2. At the time of writing, the top cryptocurrency is sitting at $10,384 with more than a six percent increase over the last 24 hours.
While the bulls are busy celebrating Bitcoin’s sudden recovery, Peter Schiff, one of the most renowned “gold bugs,” has thrown some cold water on cryptocurrency enthusiasts.
The crypto naysayer says that Bitcoin is not a safe haven asset. According to Schiff, this rally is purely attributed to price speculations, not the escalating US-China trade war. Hence, he sticks to the narrative that the top crypto has no intrinsic value.
As trade tensions rise and the yuan falls, Bitcoin is trading back above 10K. But don't believe the hype that this rise reflects safe haven buying, similar to gold. Bitcoin is not being bought by investors searching for safe havens, but by speculators betting that they are!— Peter Schiff (@PeterSchiff) September 2, 2019
Schiff’s anger is understandable given that Bitcoin, the first new asset class in decades, poses an existential threat to gold. Millennials are ditching shiny gold bars for their digital alternative, as portrayed in the famous Grayscale commercial.
With that being said, Anthony Pompliano of Morgan Creek Digital has expressed his gratitude to Schiff for educating gold bugs about the future of money.
Dear Peter,— Pomp 🌪 (@APompliano) September 2, 2019
You're doing a great job marketing Bitcoin. Keep up the solid effort. We really appreciate you educating gold bugs about the future :)
Recently, Schiff also made a prediction that Bitcoin would never hit the $50,000 mark, but a new parabolic phase could make the relentless critic eat his words. He also admitted that he owned some BTC.