Here’s Why Current Gold Rise May Be Bad for Bitcoin, According to Peter Schiff

Here’s Why Current Gold Rise May Be Bad for Bitcoin, According to Peter Schiff

Head of SchiffGold fund and CEO of Euro Pacific Capital, vocal Bitcoin hater Peter Schiff has taken to Twitter to share that the current rise of the gold price is bad news for Bitcoin.

“Rising gold is bad news for Bitcoin”

Schiff’s son Spencer, who is a Bitcoiner, unlike his father, stated that the precious metal has added merely 2 percent but that did not convince his crypto skeptical father.

Schiff tweeted that gold has finally taken off after the worse than expected data on inflation had been released. Bad news on inflation is good news for gold, he stated, adding that this rally is likely to be sustainable and has a long way to go.

The gold bug also claimed that the gold’s rise is bad news for Bitcoin since if the real gold is going up, then “there’s no need for a cheap imitation”.

#Gold finally rallied following worse than expected #inflation data. If investors now realize that bad news on inflation is good news for gold, the rally has a long way to go. It's also bad news for #Bitcoin. If real gold is rising there's no need to settle for a cheap imitation.— Peter Schiff (@PeterSchiff) October 13, 2021

“SHIB has as little value as Bitcoin”

Last week, Peter Schiff also tweeted about the current hot trend in crypto – the Shiba Inu (SHIB) meme cryptocurrency.

In the comment thread under the tweet where he accused the CEO of MicroStrategy Michael Saylor of pumping Bitcoin, Schiff also mentioned SHIB.

According to him, SHIB is as worthless as the flagship cryptocurrency.

I already know about it. It has a much real value as #Bitcoin.— Peter Schiff (@PeterSchiff) October 7, 2021

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