Get ready for the controversy! Peter Schiff, a financial expert who loves gold and hates Bitcoin, is back at it with a claim that is making waves: according to him, gold is the true "safe haven" in times of crisis, and Bitcoin doesn't even come close!
Why does he say this? Because of the recent conflict in the Middle East. Schiff explains that when Israel and Iran became tense, the price of oil and especially gold skyrocketed. Gold rose nearly 2%! It's what it has always done: when there is fear and economic uncertainty, people rush to buy gold because they see it as a safe asset, a time-honored tradition.
But, what happened to Bitcoin at that same moment? Surprise! Instead of rising, it fell 2.5%! And that's what Peter Schiff uses as "proof" to say: "If Bitcoin were the 'digital gold', shouldn't it also rise when there are problems? Clearly, it behaves like a risky asset, just like stocks!"
Schiff goes further and points out that the central banks of the world are selling U.S. government bonds (which were once considered super safe) and, guess what they are buying? More gold! This, according to him, shows that confidence in bonds and Bitcoin is declining, and people are turning to gold.
But, beware! The Bitcoin community isn't staying silent. Many have responded to Schiff that the drop in Bitcoin is just a temporary correction and that the cryptocurrency is much more dynamic than gold. In fact, despite the recent decline, Bitcoin has still risen 0.75% in the last seven days! And trading volume has increased, indicating that people are not selling out of panic, but still trust that Bitcoin will recover.
So, who is right? Is gold the true king, or is Bitcoin a safe haven with short-term volatility? The debate remains open!$BTC
