Peter Schiff Says Bitcoin Hasn’t Been Around Long Enough to Become a Safe Haven

Michael LaVere
  • Gold bug Peter Schiff argues that bitcoin has not been around long enough to prove itself as a safe-haven asset. 
  • Schiff called out Anthony "Pomp" Pompliano for saying bitcoin is a non-correlated asset. 

Gold bug and bitcoin bear Peter Schiff says that bitcoin has not been around long enough to be considered a proven safe-haven asset. 

In a series of tweets published Feb. 25, Schiff took aim at bitcoin supporters and pundits who call the cryptocurrency a “safe haven” against the traditional markets and global financial catastrophe. Schiff says that bitcoin has not been around long enough or proven itself viable, particularly when compared to a precious metal like gold. 

He went on to compare bitcoin to a circus act, saying that cryptocurrency has only proven “P.T Barnum right,”

He also pointed to the falling market price for bitcoin compared to gold over the last week, despite financial uncertainty created in the wake of the coronavirus.

Schiff took the opportunity to criticize bitcoin bull Anthony “Pomp” Pompliano for calling bitcoin a non-correlated asset on a recent appearance on CNN.

Schiff, who made a name for himself predicting the 2008 global economic meltdown, has since turned his attention to criticizing bitcoin while promoting the value of gold. 

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