Schiff stated on social media that Bitcoin has lost 32% of its value against gold since its peak in August. The renowned economist argued that this period could mark the beginning of a severe bear market, and that investors should turn to real gold instead of what he labeled “fake gold.”
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Schiff’s statement drew a swift response from the cryptocurrency world. Binance founder Changpeng Zhao (CZ) responded with a humorous reference to Schiff’s years-long criticism of Bitcoin. Zhao noted that Schiff had only been right for a short period in Bitcoin’s 16-year history, highlighting Bitcoin’s long-term performance. He also noted Bitcoin’s rise from $0.004 to $110,000, arguing that cryptocurrency remains a major success story compared to gold:
“In the 16 years Bitcoin has existed, we should have listened to him two months ago. He’s been right about 1% of the time. Aside from BTC’s rise from $0.004 to $110,000 in 16 years, I’m pretty sure Bitcoin has experienced more downside volatility than gold.”
*This is not investment advice.
Continue Reading: Bitcoin Critic Peter Schiff Says “Ditch the Fake Gold,” Binance Founder CZ Responds
