Peter Schiff, a noted critic of Bitcoin, has stated that gold has re-emerged as a preferred asset during times of instability, surpassing Bitcoin.
Middle East Conflict and Assets
Schiff noted that the recent conflict between Israel and Iran has impacted oil, gold, and Bitcoin prices. He pointed out that after the conflict resumed, oil saw a 5% gain and later a 10% profit due to supply concerns. At the same time, gold's price increased by 1.8% as investors entertained fears of economic instability.
Decline in U.S. Treasury Yields
Schiff also highlighted a significant selloff in U.S. Treasuries, indicating a waning investor confidence. Traditionally viewed as a safe investment, this selloff shows a shift as gold prices rise, reflecting investor preference for safety. Schiff emphasized that due to the lack of faith in both Treasuries and Bitcoin, investors are now favoring gold.
Bitcoin Community's Response
Despite Schiff's claims, members of the Bitcoin community disagreed, insisting that Bitcoin is merely experiencing short-term corrections and could rebound. Some users highlighted that Bitcoin's price has not fallen below levels from a week ago, and trading volume has surged by 40.56% to $73.19 billion in the last 24 hours, indicating ongoing confidence in its recovery.
In conclusion, Peter Schiff believes that gold is reclaiming its position as a safe haven asset during times of uncertainty, while Bitcoin continues to be viewed as a risk asset, prompting disagreement among the cryptocurrency community.
