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Peter Schiff Shared: Bitcoin is finishing 2021 with a 20% loss in Dec. Gold on the other hand ended the year with a 3% gain in Dec. Not only does Bitcoin not share any of gold’s physical properties, if anything it’s negatively correlated to gold. It’s not digital gold, it’s the antithesis of gold!
Community Response: Inflation at 6% and you’re celebrating a 3% win in the last month while Bitcoin is still up 60% YTD?
Gold is down 3.7%. How do you square this thinking? They don’t ask how, they ask how much.
I’m just looking ahead at what December’s price action might portend for 2022.
That’s not what you’re doing. You’re zooming in and cherry picking to try and make a case that gold is a better investment than bitcoin. Bottom line, you can now exchange one bitcoin for 25 ounces of gold. Up from 15 ounces of gold one year ago, a 66% relative gain on the year.
If you like gold so much, you should buy some bitcoin and hold it for a few years. You could end up with a lot more gold that way.
Agreed it’s not digital gold, gold has very limited use and should be kept for that. Bitcoin on the other hand is far better than gold, calling it gold is like comparing a brand-new technological advancement (BTC) to a rock.
Except Bitcoin doesn’t even have the utility of a rock, let alone a precious metal like gold.
You do know there is abundance of gold in our solar system with plans to mine it, right?
You do realize how high the price of gold would have to be in order to justify those sorts of costs right?
You do realize that the current price of gold is based on its rarity. You do realize that we already have space probes returning samples from asteroids? We will do the same with gold to use it for electronics. Abundance of gold will make it worth the same as sand.
Correct, this information should keep the price of gold low. And when we mine the gold, it should have a normal price like any other metal.
Peter, did you ever consider that your constant bitcoin trolling might be killing gold for an entire generation? Your scorched earth tactics on crypto and Bitcoin are leaving such a bad taste everywhere, that none of that crowd will ever consider gold again.
Disagree—either his points are substantively valid, or they’re not. Anyone who contributes to the truth prevailing—including Peter Schiff—is performing a service. If the truth offends someone, that’s too bad.
Bitcoin is finishing up 2021 up 500,000% since it began. And up like 100,000% since you started talking negatively about it. Bitcoin has retired more people than brain cells you’ve lost from repeating the same talking points. $GOLD has been flat for a decade.
Negatively correlated to gold? How much was bitcoin up this year? How much was gold down? I say this as a very regretful gold owner. My worst performing asset over the last year 1, 3, and 5 years.
