{"id":17172,"date":"2024-09-22T11:19:55","date_gmt":"2024-09-22T08:19:55","guid":{"rendered":"https:\/\/forklog.com\/en\/peter-schiffs-bitcoin-critique-sparks-backlash-in-crypto-community\/"},"modified":"2024-09-22T11:19:55","modified_gmt":"2024-09-22T08:19:55","slug":"peter-schiffs-bitcoin-critique-sparks-backlash-in-crypto-community","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/peter-schiffs-bitcoin-critique-sparks-backlash-in-crypto-community\/","title":{"rendered":"Peter Schiff&#8217;s Bitcoin Critique Sparks Backlash in Crypto Community"},"content":{"rendered":"<p>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.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Another day, another record high for the price of <a href=\"https:\/\/twitter.com\/hashtag\/gold?src=hash&#038;ref_src=twsrc%5Etfw\">#gold<\/a>, which is now trading above $2,614. In contrast, <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> hasn\u2019t made a new high since March, and against gold, it hasn\u2019t made a new high since Nov. 2021. How long does this trend have to last before <a href=\"https:\/\/twitter.com\/hashtag\/HODLers?src=hash&#038;ref_src=twsrc%5Etfw\">#HODLers<\/a> admit defeat?<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1837089243543244919?ref_src=twsrc%5Etfw\">September 20, 2024<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cAnother day, another record for the price of gold, which is now trading above $2614. Meanwhile, Bitcoin hasn\u2019t reached a new high since March, and against gold, not since November 2021. How long must this trend continue before HODLers admit defeat?\u201d he wrote.<\/cite><\/p><\/blockquote>\n<p>In the comments, users recalled Schiff&#8217;s past publications predicting against digital gold.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Also you in 2013 when Bitcoin was worth $1,000? <a href=\"https:\/\/t.co\/xwtERz0cso\">pic.twitter.com\/xwtERz0cso<\/a><\/p>\n<p>\u2014 Dan Held (@danheld) <a href=\"https:\/\/twitter.com\/danheld\/status\/1837115004203487503?ref_src=twsrc%5Etfw\">September 20, 2024<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cThinking of buying Bitcoin instead of precious metals? Think again! Peter Schiff explains why in an exclusive video,\u201d stated a <a href=\"https:\/\/x.com\/PeterSchiff\/status\/403638953938808832\">tweet<\/a> from 2013, when the first cryptocurrency was trading below $1000.<\/cite><\/p><\/blockquote>\n<p>Another user recalled a <a href=\"https:\/\/x.com\/PeterSchiff\/status\/1066506512565223425\">post<\/a> by the Euro Pacific Capital president in November 2018, when digital gold fell below $5000.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">This you <a href=\"https:\/\/twitter.com\/PeterSchiff?ref_src=twsrc%5Etfw\">@PeterSchiff<\/a> ? ? <a href=\"https:\/\/t.co\/b0pCZ3hueE\">pic.twitter.com\/b0pCZ3hueE<\/a><\/p>\n<p>\u2014 Arteriallion (@Arteriallion) <a href=\"https:\/\/twitter.com\/Arteriallion\/status\/1837089440872669298?ref_src=twsrc%5Etfw\">September 20, 2024<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cDon\u2019t 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\u2019s price could easily fall another 80%, and even $750 would still be expensive,\u201d Schiff wrote.<\/cite><\/p><\/blockquote>\n<p>In March, the Euro Pacific Capital president <a href=\"https:\/\/forklog.com\/en\/news\/peter-schiff-regrets-not-buying-bitcoin-in-2010\">admitted<\/a> he wouldn\u2019t have minded purchasing the first cryptocurrency in 2010. However, by April, he <a href=\"https:\/\/forklog.com\/en\/news\/peter-schiff-predicts-bitcoins-collapse-due-to-etfs\">predicted<\/a> Bitcoin\u2019s collapse due to ETFs.<\/p>\n<p>In the same month, Schiff <a href=\"https:\/\/forklog.com\/en\/news\/peter-schiff-questions-bitcoins-potential-to-reach-100000\">questioned<\/a> the potential for digital gold to reach $100,000 and criticized it for <a href=\"https:\/\/forklog.com\/en\/news\/peter-schiff-criticizes-bitcoin-for-high-transaction-costs\">high transaction costs<\/a>.<\/p>\n<p>In July, he <a href=\"https:\/\/forklog.com\/en\/news\/peter-schiff-highlights-lack-of-institutional-demand-for-bitcoin\">stated<\/a> that Bitcoin\u2019s decline contradicts the narrative of institutional investor interest in the asset.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019t made a new high since March, and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1138,1298],"class_list":["post-17172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-opinions","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"48","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=17172"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17172\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/17171"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=17172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=17172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=17172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}