- The world of investment is becoming more competitive especially with the rise of digital assets.
- Peter Schiff reckons that gold has gained 7% in value since June 26 and advises investors to drop Bitcoin in favor of the Bullion.
The renowned gold maximalist, Peter Schiff has always preached against Bitcoin in favor of gold for almost a decade now. The host of the Peter Schiff show and the chairman of Euro Pacific Capital’s investment advice could have easily misguided investors.
This is because ignoring Bitcoin as an investment since 2011 would have led an investor into missing out a 57,000% gain in Bitcoin value. At the same time, delivered a 5% loss in gold investment.
According to CryptoBull, a popular cryptocurrency analyst on Twitter, ignoring Bitcoin to go all-in on gold was an investment in ill faith.
“Since June 21st 2011 anyone who followed @PeterSchiff's advice to go dinosaur by dropping bitcoin and buying gold has not only missed a 57,000% gain in the price of bitcoin, but suffered a 5% loss in the price of gold.”
However, another tweet by Peter Schiff reckons that, if an investor gave a blind eye to gold and bought crypto since June 26, they have missed a 7% gain in the price of gold. At the same time, the investor suffered a 40% loss following the drop in the price of GBTC.
“Since June 26th anyone who followed @barrysilbert's advice to go digital by dropping gold and buying GBTC has not only missed a 7% gain in the price of #gold, but suffered a 40% loss on the price of GBTC. Drop GBTC and buy gold before the loss on this trade gets much larger!”
Related: Bitcoin price analysis: BTC/USD pivotal at $8,000
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