Recent events in the Middle East have caused fluctuations in financial markets, prompting financier Peter Schiff to speak again about Bitcoin and gold.
Market Reaction to the Israel-Iran Conflict
On social media, Peter Schiff pointed out that after Israel's military operation against Iran, oil prices surged by 5% while S&P futures dropped by 1.5%. He also noted a 0.85% increase in gold prices, which is a traditional indicator of investors seeking safe assets amid geopolitical risk.
Peter Schiff's Criticism of Bitcoin
Schiff also commented on Bitcoin's roughly 2% drop, questioning how anyone could consider it a digital version of gold. "How can anyone consider Bitcoin to be a digital version of gold?" he wrote, challenging one of the popular narratives in the crypto community.
Comparison of Gold and Bitcoin During Crises
Peter Schiff has long argued that Bitcoin lacks the intrinsic value and historical reliability of gold during market stress. His comments come amid broader uncertainty in both crypto and traditional financial markets, where investors are reacting swiftly to macro events.
Peter Schiff's stance underscores the ongoing debate about the real value of Bitcoin compared to gold, especially during times of economic instability and global crises.
