Peter Schiff: Bitcoin again failed the safe haven test

Bitcoin failed to rally on Friday like the other safe-haven assets.
Thomas Lee interesting agrees with Schiff saying his argument is “very solid.”

John Isige FXStreet

The Chief Executive Officer of Pacific Capital Peter Schiff has once again dropped a bombshell on Bitcoin saying that it failed to rise to the occasion as a safe have asset it is believed to be. Schiff who is also the chairman of SchiffGold and the host of the Peter Schiff Show is an ardent supporter and bull for the precious metal, gold.

“Bitcoin has again failed the safe haven test. On Friday, as escalating trade tensions sent global stock markets plunging, investors sought refuge in monetary safe havens. The Japanese yen, Swiss franc, and especially gold all moved higher. Yet Bitcoin plunged by more than stocks!”

Interesting, Thomas Lee a renowned analyst and a co-founder of Fundstrat an advisory firm weighed in on the Schiff’s tweet saying “very solid argument. Can’t dispute that.” This comes as surprise to many has Lee is known to be pro-Bitcoin. In fact, most people disagreed with both Schiff and Lee saying that you cannot judge an asset by a single day’s movement.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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