If you still expect the Bitcoin price to hit a new high before gold, Peter Schiff thinks you are deluding yourself.
Peter Schiff, CEO of Euro Pacific Capital, warned Bitcoin buyers that hope is never a ‘good investment strategy’ in response to research published by Quantum Economics Mati Greenspan.
Schiff criticized Bitcoiners for their illusion, after 42% of all respondents voted that Bitcoin would surpass the Dow Jones Industrial Average (DJIA) and its beloved gold on the way to new all-time highs.
This just shows you how delusional #Bitcoin bugs are. Given how much further Bitcoin is from its record high relative to the Dow Jones or #gold, they still expect it to make a new high first. Hope is never a good investment strategy. https://t.co/LOaHu0e4hs
– Peter Schiff (@PeterSchiff) June 30, 2020
“It just shows how illusive #Bitcoin enthusiasts are. Given how far Bitcoin is further from its record compared to Dow Jones and gold, they still expect it to reach a new record first. Hope is never a good investment strategy. ”
Long road to bitcoin
Notably, Greenspan, a cryptocurrency enthusiast, had almost the same opinion on the survey results, saying he was “surprised by the responses”.
“Okay, I’m kind of surprised by some of your answers here. Bitcoin needs to rise more than 100% to see a new all-time high, while Dow needs a 16% increase and gold represents just 9% of a new record.
Does this information change your answer? Why not? ”
So far, Dow and Bitcoin have fallen 15% and 53% from their respective historical highs, of 29,562 basis points and $ 19,698.
Things are even better for gold, yellow metal is now just seven percent away from its historic $ 1,923 high in September 2011.
Last year, UBS analyst Kevin Dennean predicted that Bitcoin could replicate Japan’s Nikkei by never being able to match the peak of its previous bubble.