Bitcoin has drawn many comparisons to gold, and is often referred to as the digital version of the precious metal and commodity due to its scarcity, potential as an economic hedge, and use as a store of value, among many others similarities the crypto asset and Gold share.
Amidst increased trade tensions and a looming global economic meltdown, both assets have also begun to rise in recent weeks and are setting the stage for a high-powered bull run. However, vehement opposer to Bitcoin and cryptocurrencies, Peter Schiff says that Gold’s rally is an early bull run, while Bitcoin’s is nothing more than a “sucker’s rally.”
Peter Schiff: Bashing Bitcoin, or Biased Boasting?
Peter Schiff, American stock broker and financial commentator, has repeatedly dragged Bitcoin’s name through the mud. He’s says the crypto asset is more akin to tulips than digital alternative to Gold – even despite its value continuing to climb, and always bouncing back from ever bubble pop and doomsday prediction.