Bitcoin Proponents 'Delusional' in Thinking BTC Will Beat Dow to New All-Time High, Peter Schiff Says

Francisco Memoria

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.”

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.