Binance CEO Changpeng Zhao tweeted that critic of bitcoin and “golden bug” Peter Schiff speaks more about digital assets than about his favorite precious metal.
Oddly enough, most Schiff followers are proponents of bitcoin and cryptocurrencies, which attack him whenever he discredits cryptocurrencies.
He tweets more #bitcoin than gold. And his commenters/followers are all bitcoin people. He is the sheep in wolf's skin. lol https://t.co/UbFHpJ69fd
— CZ Binance 🔶🔶🔶 (@cz_binance) May 6, 2020
Changpeng Zhao: “He tweeted more about bitcoins than gold. And all of his commentators/followers are Bitcoin people. Peter Schiff is a sheep in wolf's skin.”
Peter Schiff: “I admit that I like to annoy you guys. If someday Bitcoin does not become, I will not have such an opportunity. Mow, braid, while the dew."
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Schiff has repeatedly said that Bitcoin will "drop to zero" and continued to express contempt for its holders. Meanwhile, gold has weakened year after year as a financial refuge.
Cardano CEO Charles Hoskinson said: “I have known him since 2007. Dr. Doom always thinks that the sky will fall to the earth and the economy is doomed and that only gold can save us. Everything except gold is fraud for him. Bitcoin is bad, and no matter why. It carries the same thing for decades.”
Schiff, a proponent of yellow metal, admits that Bitcoin’s yield is the same as gold, and sometimes even higher. The price of bitcoin is currently 23% higher compared to its price at the beginning of the year, and this is twice the gold yield for the same period. However, Schiff says that such growth was “less impressive,” and that demand for a coin will fall after halving:
#Bitcoin bugs are touting Bitcoin's slight YTD outperformance over gold as a sign of Bitcoin's superiority to #gold. On a risk-adjusted basis, Bitcoin's 23% gains verses gold's 12% rise is far less impressive. With the halving just 6 days away, Bitcoin's YTD gains can fade fast.
— Peter Schiff (@PeterSchiff) May 5, 2020
Schiff even says that Bitcoin will not become scarce after halving, and its supply and reserves will grow, albeit slowly. Halving and this increase in supply will ultimately lead to a drop in prices, Peter Schiff said.
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Although his position is contrary to the laws of supply and demand, Schiff really “likes to annoy” his audience.
Earlier, Binance CEO Changpen Zhao also said that Peter Schiff's attacks on bitcoin only support the chief cryptocurrency.