Popular gold proponent and well-known Bitcoin critic, Peter Schiff, said that the latest rally of the cryptocurrency was caused by nothing but speculation. Despite the common comparison that a lot of people are drawing between Bitcoin and gold, the economist said that they have nothing in common.
Peter Schiff Does It Again
It’s safe to say that Bitcoin had a fantastic day yesterday as the cryptocurrency touched $9,500 before retracing to its current levels of trading. With this, it managed to recover completely from the crash it had sustained earlier in March that saw its price drop to below $4,000.
However, this wasn’t enough for Schiff to be convinced on its merits, as the renowned economist took the chance to bash Bitcoin once again.
Commenting on its most recent rally, Schiff said:
“Bitcoin is being bid up by speculators, just like other risk assets today. Bitcoin and gold have nothing in common, so there is nothing confusing about today’s price movements.”
Bitcoin Defies Schiff’s Expectations
It’s worth noting that Schiff has said on multiple occasions that Bitcoin will crash and lose all of its value. Nothing of the kind has happened.
As CryptoPotato reported earlier today, Bitcoin is so far the best-performing asset in 2020, bringing returns of about 23% at the time of this writing.
Despite the Fed pumping trillions of dollars into the economy, Bitcoin, entirely on its own, outperformed the S&P 500 and other major stock indices, most of which are in the red for the year.
Interestingly enough, the cryptocurrency also beats gold. The precious metal finds the perfect settings for its growth amid the current crisis, and it’s also up about 12% year-to-date. This, however, is not enough compared to what Bitcoin brought its investors.
It’s also worth noting that Bitcoin’s halving is just around the corner, and it has been historically a major bullish catalyst for the price.
Featured image courtesy of Financial Reports 24