The price of bitcoin has been inconsistent in the market and playing around the $9,000 support level. Bitcoin skeptic Peter Schiff claims the price of bitcoin is set to fall further as the price of gold rises.
The Gold bull and CEO of Euro Pacific Capital suggests that Gold will push the resistance level just under $1,800. He sees bitcoin chipping away at the $9,000 support line. He believes both lines will break, leading to an upsurge in the price of Gold and a concurrent reduction in the price of bitcoin. Schiff tweeted his belief on July 5, 2020 stating:
“Gold seems to be chipping away at resistance just below $1,800. Bitcoin is simultaneously chipping away at support just above $9,000. I expected both resistance and support to give way, with gold surging as Bitcoin collapses.”
Many seem to disagree
The world’s largest cryptocurrency dropped briefly early Sunday to under $9,000 in a $100 move over 30 minutes. During that half-hour, bitcoin fell to $8,910 on leading derivative exchanges and discharged millions in the process. Thankfully for the bulls, BTC has since recovered from the low position. As of the time of going to press, bitcoin is trading at $9,245.60, a price it has maintained today.
Nonetheless, not too many people seem to agree with Peter Schiff’s position. As per the results of a small preliminary vote that was attached to his tweet, close to 50% of the respondents believe that Gold and bitcoin will increase in price. There were only about 30% of the respondents who supported Mr. Schiff’s viewpoint.
Gold Lost 900%
Commenting, the co-founder of Messari Crypto research service Dan McArdle pulled up a disputable comment Peter Schiff made last year. In the comment, Dan calculated the lucrativeness of both Gold and bitcoin beginning from 2013, showing that those who went with Gold lost close to 900% of their investments.
The Unwilling Leader
In the smack down pitting gold bugs and Bitcoiners, whether, in public or the oft-favored twitter battleground. It almost always ends up to posturing and passionate defenses. The truth is the Gold is the wise man between the two, been there, seen it all and lived through many experiences. He’s full of wisdom and the sage; he’s trustworthy, dependable but without agenda.
Bitcoin is a youthful upstart full of vigor and out to change the world. He’s stormed from nowhere and disrupted the traditional market. He doesn’t wear a suit since he doesn’t see the relevance. He’s focused on his objective and won’t be swayed one way or the other. He’s likable and confident, dependable, and open to new ideas. For most users, he’s the unwilling leader who is out to fulfill a need he knows exists. The recent increased interest in crypto amid the Covid-19 crisis seems to point in the direction.