Bitcoin is becoming massively popular day by day. The popularity of the leading cryptocurrency is such that it is often compared to assets like gold. However, some influencers are not impressed by it and recently, Peter Schiff complained to CNBC that it has been focussing only on Bitcoin and not on gold.
Peter Schiff, who is the CEO of Euro Pacific Capital and the founder of SchiffGold, is one of the people who are extremely against the cryptocurrencies and especially Bitcoin. Schiff has been very bullish on gold but thinks the otherwise for the USD and BTC.
Bitcoin crossed the $10,000 mark for the first time after October 2019 and had got a lot of people interested in it. In January itself BTC went up by more than 35% and people have started to believe that the hype is real.
Peter Schiff complained to CNBC
Peter took to Twitter to express his dissent. He tweeted that CNBC has been completely ignoring the fact that gold is on the rise and has been ‘pumping’ Bitcoin. CNBC has invited guests that are biased towards the cryptocurrency.
Also, Peter Schiff complained to CNBC that it is unmoved by the predictions of gold which reveal that gold will touch $2000 in 2020-2021, gaining 25%. CNBC officials, as per Peter Schiff’s statements, ignored this fact because the amount is too low as compared to Bitcoin’s price.
However, it seems right though. Gold’s value in the 5-year period has increased by approximately 37% while Bitcoin has shot up by more than 4100%. Even if we consider the 1-year period, gold rose by 24% in comparison to Bitcoin’s 136%. Naturally, people will think that investing in Bitcoin would be more fruitful than gold, however risky it might be.
However, Schiff’s views have been supported by the CEO of Block.one, Brendan Blumer who thinks that Bitcoin is not real money and it never will be.
Featured image from Pixabay