Peter Schiff’s Bitcoin Critique Sparks Backlash in Crypto Community

Peter Schiff, President of Euro Pacific Capital and a noted Bitcoin critic, remarked that the leading cryptocurrency has not reached a new all-time high since March, unlike gold.

Another day, another record high for the price of #gold, which is now trading above $2,614. In contrast, #Bitcoin hasn’t made a new high since March, and against gold, it hasn’t made a new high since Nov. 2021. How long does this trend have to last before #HODLers admit defeat?

— Peter Schiff (@PeterSchiff) September 20, 2024

“Another day, another record for the price of gold, which is now trading above $2614. Meanwhile, Bitcoin hasn’t reached a new high since March, and against gold, not since November 2021. How long must this trend continue before HODLers admit defeat?” he wrote.

In the comments, users recalled Schiff’s past publications predicting against digital gold.

Also you in 2013 when Bitcoin was worth $1,000? pic.twitter.com/xwtERz0cso

— Dan Held (@danheld) September 20, 2024

“Thinking of buying Bitcoin instead of precious metals? Think again! Peter Schiff explains why in an exclusive video,” stated a tweet from 2013, when the first cryptocurrency was trading below $1000.

Another user recalled a post by the Euro Pacific Capital president in November 2018, when digital gold fell below $5000.

This you @PeterSchiff ? ? pic.twitter.com/b0pCZ3hueE

— Arteriallion (@Arteriallion) September 20, 2024

“Don’t make the mistake of thinking buying Bitcoin below $3800 is a good deal just because the current price is more than 80% below its record high. Bitcoin’s price could easily fall another 80%, and even $750 would still be expensive,” Schiff wrote.

In March, the Euro Pacific Capital president admitted he wouldn’t have minded purchasing the first cryptocurrency in 2010. However, by April, he predicted Bitcoin’s collapse due to ETFs.

In the same month, Schiff questioned the potential for digital gold to reach $100,000 and criticized it for high transaction costs.

In July, he stated that Bitcoin’s decline contradicts the narrative of institutional investor interest in the asset.