Peter Schiff became the hero of memes because of the love of gold
Cryptocurrency community ridiculed Peter Schiff
Schiff Reminded That His Gold Predictions Failed
Users named Schiff "caveman"
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The famous bitcoin hater and supporter of traditional investments, Peter Schiff, became the hero of a meme that is actively circulating on Twitter today. It is not yet known who exactly mocked Schiff, but one thing is clear that the meme belongs to the hand of a crypto enthusiast who ridiculed the stable exchange rate of gold against bitcoin.
Bitcoins were leaked before halving
The story of the creation of the meme began over the weekend, when Bitcoin collapsed by 15% in a day. And while crypto enthusiasts were discussing the current situation on the network and looking for the reasons for such a failure, Peter Schiff said that speculators began to get rid of bitcoins, unable to even endure halving.
Previously BeInCrypto togetherl about this incident.
Lorde – Precious Metals (remastered audio)
Schiff’s statement angered crypto enthusiasts and they began writing ironic comments under the investor’s post.
In particular, a user under the nickname @JKwoski wrote that “gold is an asset for cavemen, and bitcoin is the embodiment of gold, only in the digital space.” The user tried so hard to hurt Schiff that he called gold a stone. Naturally, Peter Schiff could not leave this comment unanswered and wrote that “gold is a metal, and if a person does not even know what class of substances gold belongs to, then he should not invest at all”.
As a result, the scuffle on Twitter grew into a whole discussion, which resulted in a meme. It depicts Peter Schiff himself at different ages. Below, under the photo, is the bitcoin rate and the gold rate. Moreover, the cost of the precious metal has remained unchanged over the years at $ 1,700 per ounce. At the same time, the value of bitcoin increased from $ 1 to $ 20,000 and then dropped to $ 6,800. Thus, supporters of the cryptocurrency wanted to show Schiff that gold, as an asset, cannot be considered attractive for investment, because its value has remained stable for several decades..
Twitter users also reminded Schiff of his promises that gold would cost $ 5,000 an ounce, which did not happen even in the most favorable times for the metal, when stock and commodity markets were falling under the onslaught of the COVID-19 epidemic, and the gold market was growing at a rapid pace. Schiff himself did not respond to this comment..
Gold vs bitcoin: where is the real value
This is not the first time Peter Schiff has opposed Bitcoin. Earlier, BeInCrypto reported that Schiff predicted a skyrocketing gold price amid the fact that governments are starting to buy the precious metal in an attempt to avoid imminent inflation. At the same time, gold and bitcoin are completely uncorrelated. According to Schiff, Turkey, the United States and Russia are the main buyers of gold. Therefore, the investor believes that it is best to invest in precious metal, which is a stable and scarce asset..
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