Bitcoin

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 <p class="paragraph">As he continues to bash Bitcoin (BTC), the American <a rel="noopener noreferrer nofollow" title="economist" href="https://thebittimes.com/tag/economist.html">economist</a> and gold bug Peter Schiff has recently challenged the <a rel="noopener noreferrer nofollow" title="status" href="https://thebittimes.com/tag/status.html">status</a> of the flagship decentralized finance (DeFi) asset as a safe <a rel="noopener noreferrer nofollow" title="haven" href="https://thebittimes.com/tag/haven.html">haven</a> amid <a rel="noopener noreferrer nofollow" title="geopolitical" href="https://thebittimes.com/tag/geopolitical.html">geopolitical</a> tensions, arguing that his favorite precious metal is the logical choice instead.</p>
 <p class="paragraph">Specifically, Schiff said that the most recent escalation in the Middle East had triggered a gold rally of 1.6% to $2,416, whereas Bitcoin tanked “4% down to $61K,” posing a rhetorical question of “which one is a safe haven and which one is a highly speculative digital token?” in an X post on April 19.</p>
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    <p lang="en" dir="ltr">Explosions In Central Iran and Israeli Airstrikes In Iraq and Syria send stock futures tumbling and oil spiking. #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?</p>— Peter Schiff (@PeterSchiff) April 19, 2024
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 <h2 class="wp-block-heading" id="h-bitcoin-fad-is-over">‘Bitcoin fad is over’</h2>
 <p class="paragraph">Furthermore, he pointed out that gold was “trading at a new record high, but silver is outperforming, up 1.75%,” voicing his opinion that the “Bitcoin fad is over.” More recently, Schiff highlighted the difference in the latest performance between the maiden cryptocurrency and other risk assets, arguing that:</p>
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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  <p class="paragraph">“What’s significant is not that Bitcoin rallied back with other risk assets, but that when the Dow initially fell 1.5% in a knee-jerk reaction to escalating <a rel="noopener noreferrer nofollow" title="geopolitical" href="https://thebittimes.com/tag/geopolitical.html">geopolitical</a> risk, Bitcoin tanked 6%. In contrast, gold rose 1.5%. Bitcoin is not the safe <a rel="noopener noreferrer nofollow" title="haven" href="https://thebittimes.com/tag/haven.html">haven</a> asset it’s promoted to be.”</p>
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 <p class="paragraph">Moreover, disputed Bitcoin’s reputation as digital gold, asserting that “during times of escalating risk, Bitcoin does the opposite of gold” and opined that it “has no actual value that can relate to anything else” and, therefore, cannot be a hedge against inflation, although&nbsp;</p>
 <h2 class="wp-block-heading" id="h-schiff-s-btc-price-prediction">Schiff’s BTC price prediction</h2>
 <p class="paragraph">As a reminder, Schiff had earlier predicted that the largest asset in the crypto market was about to suffer a “catastrophic crash” due to the large amounts of it entering into spot Bitcoin exchange-traded funds (ETFs), making it more vulnerable as “ETF buyers are more likely traders than true believers.”</p>
 <p class="paragraph">However, Bitcoin is currently recovering its price and is changing hands at $64,810, which suggests an increase of 5.13% in the last 24 hours, as it moves to erase the losses of 8.40% across the previous seven days and accumulating a 2.97% increase over the past month.</p>
 <figure class="wp-block-image"><img decoding="async" width="750" height="496" src="https://cdn.thebittimes.com/images/2024/04/19/9dae1ba358845b9c67f57179c929cd87.webp" alt="Bitcoin price 24-hour chart" class="wp-image-170113" srcset="https://cdn.thebittimes.com/images/2024/04/19/9dae1ba358845b9c67f57179c929cd87.webp 750w, https://cdn.thebittimes.com/images/2024/04/19/9dae1ba358845b9c67f57179c929cd87.webp 300w" sizes="(max-width: 750px) 100vw, 750px">
  <figcaption class="wp-element-caption"><em>Bitcoin price 24-hour chart. Source: </em><em>Finbold</em>
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 <p class="paragraph">Ultimately, Peter Schiff might have a point in some of his arguments, but, as commenters to his X posts often point out, he has been repeating the same song about Bitcoin for a very long time since its price was as low as $1,000, and Bitcoin has since increased by more than 6,300%.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-economist-slams-bitcoin-s-status-as-a-safe-haven-amid-geopolitical-chaos-tbt85778.html">https://thebittimes.com/us-economist-slams-bitcoin-s-status-as-a-safe-haven-amid-geopolitical-chaos-tbt85778.html</a></p>

US economist slams Bitcoin’s status as a safe haven amid geopolitical chaos

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