Gold bug and cryptocurrency critic Peter Schiff has said bitcoin proponents are “delusional” and cautioned them that “hope is never a good investment strategy.”
Schiff’s comments came in response to a poll published by Quantum Economics founder Mati Greenspan, which asked Twitter users to choose one they believed would hit a new all-time high first, picking between bitcoin, gold, the Dow Jones, or another asset or index.
Out of 2,327 votes, 42.1% revealed they believe bitcoin will hit a new all-time high before gold and the Dow Jones, while 27.3% chose gold over the other two, and only 22.6% chose the Dow Jones. Schiff pointed to the poll saying it shows how “delusional bitcoin bugs are.”
This just shows you how delusional #Bitcoin bugs are. Given how much further Bitcoin is from its record high relative to the Dow Jones or #gold, they still expect it to make a new high first. Hope is never a good investment strategy. https://t.co/LOaHu0e4hs
— Peter Schiff (@PeterSchiff) June 30, 2020
As CryptoGlobe recently reported, Schiff has also implied he believes bitcoin is unlikely to ever reach $25,000, a mark above its all-time high near $20,000, in response to another poll on the microblogging platform. He added that no BTC price point would see him “panic-buy” the cryptocurrency.
Notably Greenspan, who created the poll, also revealed he doesn’t believe bitcoin will hit a new all-time high first. The cryptocurrency is trading at about $9,150, and would need to appreciate over 100% to surpass its all-time high, while gold is at $1,770, and only needs to appreciate 5.6% to hit its $1870 all-time high, seen in September 2011.
The Dow Jones is at 25,959, down from its all-time high of 29,390 points, and would need to appreciate little under 15% to hit its new high. Responding to Greenspan’s surprise, some noted that most respondents may not be aware of how close the precious metal is to its all-time high.
It’s worth noting Schiff has earlier this year predicted bitcoin will “collapse,” after admitting he likes riling up the cryptocurrency community on Twitter.
Featured image via Unsplash.