Schiff: Gold Eating Bitcoin's Lunch
Financial commentator Peter Schiff keeps gloating over Bitcoin's extremely underwhelming performance, claiming that gold is eating the cryptocurrency's launch.
Schiff has predicted that the Bitcoin bear market will be "brutal," urging "hodlers" to buy gold.
"Downtober"
As reported by U.Today, there was a lot of excitement on the cusp of October, which has historically been the best-performing month for the leading cryptocurrency.
However, in an ironic twist, this October is now on track to be one of Bitcoin's worst months in 2025.
This Thursday, the cryptocurrency is down by another 3.2%, plunging in tandem with US stocks due to fresh concerns about the banking sector.
Bitcoin is currently down by 4.7% this October, dropping by more than 14% from the record high of $126,080 that was reached on Oct. 6, according to CoinGecko data.
Meanwhile, it has been "Uptober" for gold, which keeps hitting new record highs. The lustrous metal has proven to be the ultimate safe haven.
Earlier today, spot gold approached the $4,300 level for the first time amid a relentless rally.
CZ weighs in
Schiff's caustic social media post, which came in the middle of another price rout, has riled up a lot of Bitcoiners.
Binance CEO Changeng Zhao has also responded to the controversial commentator's latest anti-Bitcoin take, pointing to the fact that the cryptocurrency has surged from $0.004 to $110,000 USD in 16 years.
Schiff, of course, has been bearish on Bitcoin since 2011.
However, now that gold is finally having its moment in the sun, he feels vindicated (at least in the short term).
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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