In light of the recent decline in Bitcoin’s value, prominent Bitcoin critic and proponent of gold, Peter Schiff, has once again captured public attention.
On social media, Schiff claimed that since reaching its peak in August, Bitcoin has depreciated by 32% when compared to gold. The well-known economist suggested that this downturn could signal the onset of a significant bear market and urged investors to consider investing in genuine gold rather than what he referred to as “imitation gold.”
Schiff’s remarks elicited an immediate reaction from the cryptocurrency community. Changpeng Zhao (CZ), the founder of Binance, responded with a witty comment regarding Schiff’s long-standing criticism of Bitcoin. Zhao pointed out that Schiff had only been correct for a brief moment during Bitcoin’s 16-year journey and emphasized the cryptocurrency’s impressive performance over time. He highlighted how Bitcoin surged from $0.004 to $110,000 and argued that it remains a remarkable success story when compared to gold:
“In its 16 years of existence, we should have paid attention to him just two months ago. His accuracy rate is about 1%. Beyond BTC’s growth from $0.004 to $110,000 over these years, I believe it’s safe to say that Bitcoin has faced more price fluctuations than gold.”
*This content does not constitute investment advice.