Peter Schiff calls Bitcoin a ‘cheap imitation of gold’

Peter Schiff, the president of Euro Pacific Capital and a critic of Bitcoin, again stated that gold is superior to Bitcoin, and called the latter a ‘cheap imitation’.

A breakout in #gold may coincide with a breakdown in #Bitcoin. This makes sense as Bitcoin pumpers have used gold’s failure to breakout to promote Bitcoin as a supposed digital alternative. But once the real thing starts performing there’s no need to settle for a cheap imitation.

— Peter Schiff (@PeterSchiff) November 27, 2023

“A breakout in gold’s price may coincide with a rally in Bitcoin. This makes sense, as Bitcoin supporters have used gold’s failures to promote Bitcoin as the supposed digital alternative. But once the real thing starts performing, there’s no need to settle for a cheap imitation,” he wrote.

In March, Schiff called to sell the first cryptocurrency and buy gold in light of problems at Silvergate Bank.

In May he announced his own collection of non-fungible tokens based on Bitcoin.

In July, the president of Euro Pacific Capital predicted a rapid plunge of digital gold to zero. At that time, the asset traded at $31,000.