{"id":322861,"date":"2023-06-25T05:00:07","date_gmt":"2023-06-24T23:30:07","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=322861"},"modified":"2023-06-24T16:10:20","modified_gmt":"2023-06-24T10:40:20","slug":"bitcoin-in-peter-schiffs-books-valid-views-or-skeptic-critic","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-in-peter-schiffs-books-valid-views-or-skeptic-critic\/","title":{"rendered":"Bitcoin in Peter Schiff\u2019s books: Valid views or skeptic critic?"},"content":{"rendered":"<ul>\n<li><em>Schiff mentioned that Bitcoin&#8217;s rally might put a stop to the uptick enjoyed by other assets outside the crypto market.<\/em><\/li>\n<li><em>Long-term holders displayed high confidence in BTC as Schiff&#8217;s favorite lagged behind.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Peter Schiff, a well-known economist and financial commentator, has repeatedly made his stance on <\/span><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\">\u00a0clear through public statements and numerous tweets. While some view his thoughts as valid critiques backed by sound economic reasoning, others perceive them as skeptical and dismissive of the cryptocurrency market at large.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-2024<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">In another round of employing his Bitcoin hammer, Schiff <\/span><a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1672276869981274112?s=20\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">opined<\/span><\/a><span style=\"font-weight: 400;\"> that the recent <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-jumps-past-30k-exploring-whale-activities-etf-developments-and-more\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">surge above<\/span><\/a><span style=\"font-weight: 400;\"> $30,000 means the king coin was late to the party, already enjoyed by other speculative assets. Referring to the entire crypto assets as \u201clow quality\u201d, Schiff pointed out,<\/span><\/p>\n<blockquote><p>\u201cNow that Bitcoin has finally joined the party, perhaps it&#8217;s a sign that the party will soon end. Usually, rallies end when the lowest quality stuff finally participates.\u201d<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Before the latest rally, Schiff had also mentioned that Bitcoin lacked long-term demand. He had also <\/span><a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1671230284224765952\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">highlighted<\/span><\/a><span style=\"font-weight: 400;\"> that investors involved with the $594 billion market cap coin were gambling.<\/span><\/p>\n<h4>Schiff&#8217;s gold can&#8217;t match BTC, still&#8230;<\/h4>\n<p><span style=\"font-weight: 400;\">Never ashamed to call gold the best store of value, the <\/span><span style=\"font-weight: 400;\">global strategist at Euro Pacific Asset Management&#8217;s criticism of BTC started as early as 2013.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And despite several incidents that seem to have proven his opinion wrong, Schiff has never backed down on his viewpoint. In fact, he once called Bitcoin\u2019s &#8220;digital gold&#8221; reference a hoax that <\/span><span style=\"font-weight: 400;\">would never materialize to anything relevant.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Schiff\u2019s constant criticism has not yielded the results the man would have desired. On a Year-To-Date (YTD) basis, BTC\u2019s performance was an 84.57% hike.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gold, on the other hand, could only boast of a 6.26% hike within the same period, according to data from <\/span><a href=\"https:\/\/www.longtermtrends.net\/bitcoin-vs-gold\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Longtermtrends<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<figure id=\"attachment_322876\" aria-describedby=\"caption-attachment-322876\" style=\"width: 1290px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-24-at-09.55.41.png\"><img decoding=\"async\" class=\"size-full wp-image-322876\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-24-at-09.55.41.png\" alt=\"Bitcoin-gold correlation\" width=\"1290\" height=\"324\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-24-at-09.55.41.png 1290w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-24-at-09.55.41-300x75.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-24-at-09.55.41-1024x257.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-24-at-09.55.41-768x193.png 768w\" sizes=\"(max-width: 1290px) 100vw, 1290px\" \/><\/a><figcaption id=\"caption-attachment-322876\" class=\"wp-caption-text\">Source: Longtermtrends<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">But in this same year, both Bitcoin and Gold have had a strong correlation. This happened around March when several <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-soars-as-silicon-valley-bank-depositors-get-a-regulatory-lifeline\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">traditional institutions<\/span><\/a><span style=\"font-weight: 400;\"> were plagued with challenges. During this period, Schiff boasted that gold should be the go-to safe haven.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During this period, CoinShares&#8217; Head of Research, James Butterfill, explained that both assets seemed like a less risky investment. This was his conclusion when he compared Bitcoin to other assets, like the S&amp;P 500. Yahoo Finance <\/span><a href=\"https:\/\/finance.yahoo.com\/news\/bitcoin-correlation-gold-tightened-march-195116499.html#:~:text=The%20correlation%20between%20Bitcoin%20and,to%20blockchain%20analytics%20firm%20Kaiko.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> Butterfill\u2019s opinion where he said,<\/span><\/p>\n<blockquote><p>\u201cAs Bitcoin begins to behave more like a safe haven asset and less like a risky one, there are some fundamental similarities between Bitcoin and gold that are notable.\u201d<\/p><\/blockquote>\n<h4>Calls maxis &#8220;marketing frauds&#8221;<\/h4>\n<p><span style=\"font-weight: 400;\">In exploring Shiff\u2019s underlying arguments and understanding of the crypto landscape, let\u2019s take it back to 2021.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At that time, Schiff engaged in a heated debate with SkyBridgeCapital CEO and Bitcoin maximalist Anthony Scaramucci.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The debate, which was hosted on the Intelligence Squared YouTube <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=N2sAIhiuVAE\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">channel <\/span><\/a><span style=\"font-weight: 400;\">had Scaramucci mention that Bitcoin\u2019s scarcity and portable feature would ensure that it transcends gold in the long term.\u00a0<\/span><\/p>\n<blockquote><p>\u201cBitcoin is being adopted quite rapidly and the result of this means that the price is going to go a lot higher.\u201d<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">On his part, Schiff argued that Bitcoin and gold have absolutely nothing in common. He also added that,<\/span><\/p>\n<blockquote><p>\u201cPart of the marketing fraud is to try and portray Bitcoin as gold\u2014 gold 2.0, digital gold. It\u2019s just a string of numbers without any sustainable value.\u201d<\/p><\/blockquote>\n<h4>Long-term holders care less about these rants<\/h4>\n<p><span style=\"font-weight: 400;\">However, things took a surprising turn recently when Schiff <\/span><a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1662210584178475008?s=20\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweeted<\/span><\/a><span style=\"font-weight: 400;\"> about a certain collaboration with inscriptions on <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-miners-face-shifting-tides-assessing-the-impact-of-ordinal-inscriptions\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin Ordinals<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For context, Bitcoin Ordinals are protocols that allow digital assets to be inscribed on satoshis \u2014 the smallest Bitcoin unit. While these assets are similar to NFTs, they are stored in a separate data structure on the Bitcoin blockchain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In response to Schiff\u2019s tweet, crypto investor Anthony Pompliano welcomed the gold advocate to the Bitcoin family. However, the critic was quick to <\/span><a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1662266358157934594\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">rebuke<\/span><\/a><span style=\"font-weight: 400;\"> the gesture. In addition, he noted that he was still steadfast in his condemnation of the coin.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By and large, Peter Schiff\u2019s constant opinions have sometimes drawn some prospective investors away from accumulating BTC. But it seemed that price alone has not been the only factor that has helped win the heart of the Bitcoin faithful.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Glassnode, Bitcoin\u2019s <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=Market%20Indicators&amp;m=indicators.ReserveRisk\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reserve risk<\/span><\/a> \u2014\u00a0<span style=\"font-weight: 400;\">a long-term cycle indicator, was at a low point. Typically, the metric compares the motive to sell at the prevailing market price against long-term holders&#8217; resistance to liquidate, even in unfavorable market conditions.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">When the metric rises significantly, it implies that holders\u2019 conviction to keep possession of the coin is low. But the low value means that long-term holders\u2019 confidence in BTC was extremely high.<\/span><\/p>\n<figure id=\"attachment_322875\" aria-describedby=\"caption-attachment-322875\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-reserve-risk-1.png\"><img decoding=\"async\" class=\"size-full wp-image-322875\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-reserve-risk-1.png\" alt=\"Bitcoin reserve risk\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-reserve-risk-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-reserve-risk-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-reserve-risk-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-reserve-risk-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-reserve-risk-1-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-322875\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In conclusion, Peter Schiff&#8217;s views on Bitcoin can be characterized mostly as skepticism or his resolve not to pander to his long string of wrong calls.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While he has often expressed concerns about its volatility and price fluctuations, his points about whether it\u2019s a long-term store of wealth might not stop soon.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Like clockwork, the economist has been consistent in finding faults with Bitcoin. However, his preference for gold has done little to affect BTC.<\/p>\n","protected":false},"author":72,"featured_media":322868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,4108,66,3,4,20],"tags":[],"class_list":["post-322861","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-commentary","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin in Peter Schiff\u2019s books: Valid views or skeptic critic? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"In another round of employing his Bitcoin hammer, Schiff opined that the recent surge above $30,000 means the king coin\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoin-in-peter-schiffs-books-valid-views-or-skeptic-critic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin in Peter Schiff\u2019s books: Valid views or skeptic critic? - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Like clockwork, the economist has been consistent in finding faults with Bitcoin. 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