Peter Schiff Bashes Bitcoin After Saying Gold Will 'Moon'

Michael LaVere
  • Gold bug Peter Schiff predicted that bitcoin would crash in the coming years while gold "moons."
  • Schiff argued against the notion that bitcoin has intrinsic value as crypto supporters anticipate its benefits in a post-coronavirus economy. 

Gold bug and crypto critic Peter Schiff took to Twitter to bash bitcoin after predicting that gold will “moon.”

In a series of tweets published April 11-12, Schiff went on a tirade against bitcoin and crypto-assets while continuing to provide his support for precious metals such as gold. 

Schiff went after crypto supporters making fun of gold’s slow gains over the last several years and claimed that bitcoin and precious metals would experience a role reversal in the future. He predicted that bitcoin would crash while gold “moons.”

Schiff poked fun at the notion of debating money with bitcoin supporters, likening the experience to “banging your head against a wall.” He warned that bitcoin investors are poised to learn a “very expensive” lesson in economics if the price follows his projection. 

Schiff also refuted economist John Vaz’s comparison between bitcoin and prison cigarettes as an alternative to government fiat, arguing that the former has no intrinsic utility. 

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