Peter Schiff Says Bitcoin “Suckers” Have Got Bitcoin’s Safe Haven Status Wrong

Peter Schiff Says Bitcoin “Suckers” Have Got Bitcoin’s Safe Haven Status Wrong

The well-known economist, gold proponent, and financial commentator Peter Schiff is a notorious Bitcoin naysayer. Now, Schiff is out with a fresh take on Bitcoin – stating that the premier crypto isn’t a safe financial haven. Moreover, Schiff also notes that “many suckers own Bitcoin”.

It’s “nonsense” that Bitcoin is superior to gold, according to Schiff

Bitcoin is often said to be a digital equivalent to gold, which is a relatively safe store of value. A recent announcement by Coinbase suggests that the upcoming Bitcoin halving could be a crucial step to becoming digital gold.

This “digital gold” status comes from the fact that Bitcoin does not directly correlate to the traditional stock market’s performance. Instead, instability in the traditional markets can oftentimes lead to a surge in the price of Bitcoin.

As such, this is reminiscent of gold, which is seen as a “safe” store of value. Investors oftentimes flock to gold during times of financial instability, and many suggest Bitcoin is gold’s 21st century equivalent.

Nevertheless, it now seems clear that Peter Schiff does not share these views. Although Schiff is a gold proponent, his support clearly does not extend to “digital gold”.

In a recent series of tweets, Schiff made clear exactly why he believe Bitcoin is massively inferior to gold. Moreover, he also says that Bitcoin is, unlike common sentiment, not a financial safe haven.

Schiff argues “many suckers” own Bitcoin

“Bitcoin promoters claim #Bitcoin has proven itself to be superior to #gold as a safe haven and store of value. This is nonsense,” Schiff writes. 

Moreover, his flurry of tweets comes as the cryptocurrency market as a whole just saw a flash crypto crash. Since this, however, the crypto market has begun a slow recovery.

Schiff also writes that Bitcoin simply hasn’t been around long enough to be as good as gold. This is largely irrelevant – as people refer to Bitcoin as “digital gold”, and not simply “gold”. Furthermore, Schiff also suggests that many “suckers” own Bitcoin:

“Bitcoin hasn’t been around long enough to prove anything other than P.T Barnum right. There’s a sucker born every minute and many of them own Bitcoin.”

Schiff has a dodgy track-record dealing with crypto

The cryptocurrency community is not exactly overly fond of Schiff. Although his comments do make headlines, this is often due to ridicule. 

Perhaps most notably, Schiff was recently unable to unlock his crypto wallet. This made Schiff go on a rant against the wallet provider, and crypto wallets in general. 

However, Schiff then admitted that he had, in fact, confused his password with his PIN. Once this became clear, Schiff was once again able to access his crypto funds. After going public with this simple mistake, many crypto observers could now likely wonder who is the real “sucker”.