After the overnight Israeli retaliatory strikes against Iran, gold prices have settled around $2,388 per ounce, having briefly touched the $2,400 mark right after the events. Over the last five days, gold has increased by 1.85%, while bitcoin has declined by 8% since the onset of the conflict last Saturday, April 13. Following last night’s developments in the Middle East, economist Peter Schiff stated, “the bitcoin fad is over.”
Economist Peter Schiff Declares 'Bitcoin Fad is Over' as Gold Prices Soar
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Gold Bug Peter Schiff Quick to Bash Bitcoin Following Israel’s Retaliatory Strikes
Following an Israeli strike on Iran, gold prices peaked at $2,413 per ounce. An Israeli government official emphasized that the attack was meant to convey a robust message to Iran and showcase Israel’s capability of reaching inside Iran. U.S. Secretary of State Antony Blinken asserted that the U.S. had neither involvement in nor prior knowledge of the Israeli action. Amidst these developments, gold prices soared, while BTC experienced a decline, dipping below $60K to a low of $59,629 per unit.
Over ten hours later, BTC has rebounded by 1%, stabilizing at $64,531 per coin. Meanwhile, gold has seen a slight decrease, falling from its peak to $2,388 per ounce. Amid the unfolding events in the Middle East, economist Peter Schiff promptly criticized BTC. “Explosions In Central Iran and Israeli Airstrikes in Iraq and Syria send stock futures tumbling and oil spiking,” Schiff remarked on Thursday evening.
He added:
Gold immediately rallies 1.6% to $2,416. Bitcoin immediately tanks 4% down to $61K. Which one is a safe haven and which one is a highly speculative digital token?
Schiff continued his harsh critique of the cryptocurrency. “Not only is gold trading at a new record high, but silver is outperforming, up 1.75%. If you want gold 2.0. just buy silver. The bitcoin fad is over,” Schiff insisted. Onchain analyst Willy Woo took issue with Schiff’s timing for celebration and promptly challenged the gold bug’s views. Sharing a chart Woo said, “ Gold has dropped from 1.75 million BTC per oz to 0.039 BTC per oz. Or 4,500,000x less spending power over a 15-year trend.”
The onchain analyst continued:
I’ve marked in champagne emojis the 4 times Peter can legitimately celebrate. This occasion is not one of them.
Following Woo’s response to Schiff, others joined the conversation. “Peter has called 27 of the last 1 economic crises,” one individual quipped. “Only seems right that he would call 483 of the last 4 positive gold / BTC correlations.”
What do you think about Peter Schiff’s statements about gold, silver, and bitcoin amid Middle East conflicts? Share your thoughts and opinions about this subject in the comments section below.
