“Gold Gobbles Bitcoin: Schiff’s Savory Prediction”
Oh, the drama! Peter Schiff, the financial wit extraordinaire, has once again graced us with his pearls of wisdom on Bitcoin. Today’s performance was nothing short of a masterclass in Schiffian rhetoric. 🎭
He argues, with the flair of a true economist, that Bitcoin (BTC) has been in a bear market for years. The twist? We’ve all been measuring it wrong! 🧐
Schiff, ever the contrarian, didn’t bother with the usual dollar talk. No, no, no. He chose gold, his beloved metal, as the yardstick. 🌟
Back in the halcyon days of 2021, one BTC could fetch a whopping 36.3 ounces of gold. But now? A mere 27.7 ounces. A 24% decline, he reveals, with the subtlety of a sledgehammer. 🔨
Gold is above $3,000 for the first time. Silver is above $34, but it’s still below its Aug. 2020 high of $35.08. I think it takes that high out next week. If so, I think it hits a record high above $50 before year-end. Gold would need to hit $4,400 to match that gain. Buy silver.
— Peter Schiff (@PeterSchiff) March 14, 2025
In other words, if gold is the benchmark, Bitcoin has been slipping and sliding, despite the headlines screaming volatility and price spikes. 📉
Gold: The Eternal Champion for Schiff
But wait, there’s more! For Schiff, this isn’t just about Bitcoin’s decline. It’s about gold’s unyielding dominance. Gold, he insists, is the “apex predator” of financial assets, the real McCoy that will outlive digital upstarts like Bitcoin. 🐊
He directed this particular zinger at Michael Saylor, CEO of Strategy (formerly known as MicroStrategy) and a cryptocurrency champion. 🎯
Gold is the Apex predator that will eat Bitcoin. @saylor
— Peter Schiff (@PeterSchiff) March 14, 2025
The argument? Simple as pie. Gold has been around for thousands of years, Bitcoin for a little over a decade. And history, dear readers, has a way of sorting the wheat from the chaff. 📜
Schiff’s latest musings come at a time when Bitcoin continues to be a polarizing figure. 🤔
While its fans sing praises of it being a hedge against inflation and a financial revolution, skeptics like Schiff remain unconvinced, viewing BTC as a tech stock beta and a risky bet. 🎲
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2025-03-14 18:34