Hey ninja’s, how’s the trading going? On the day, Bitcoin is reporting gains as well as Ethereum and XRP. At press time, Bitcoin is trading at $6,709 and is up on the day by 4.77%.
In a post on Twitter on the 24th of March, Peter Schiff, a well-known businessman, economist, stockbroker, and radio personality compared Bitcoin to Gold. He stated that only fools would choose Bitcoin over Gold noting that Gold is only 20% down from its 2020 high while Bitcoin is down a lot more by 35%.
In another Tweet, Schiff cited the financial crisis of 2008 where Gold was immensely affected and dropped 25% but recovered and reached a new high in the short period of 7 months.
In his Tweet, he compared the events of 2008 to Gold's 15% drop this year stating that this time, it might only take Gold a month to set a new high. He believes this is proof of how much greater the financial crisis is and how “reckless” he believes the current Fed policy to be.
Schiff is also the founder and chairman of schiffgold, a precious metal dealer based in Manhattan. Through his Tweets appear quite accurate, his praises of Gold seems to also suit personal interest.