Peter Schiff is itching for a fight. After Michael Saylor posted an AI-generated image of himself, dressed like a warrior and draped in a Bitcoin chain, Schiff was quick to respond.
He said:
“I accept your challenge. Are you finally ready for a Bitcoin versus gold debate?”
Schiff has been relentless in his criticism of Bitcoin. He’s been calling Bitcoin a bubble and predicting its downfall at every opportunity for so many years now.
On the other side, Saylor, CEO of MicroStrategy and one of the most high-profile Bitcoin supporters has been just as loud in his praise of the crypto, claiming it’s the best store of value in the digital age.
“It’s a bear market”
On October 3, Schiff declared that Bitcoin is currently stuck in a bear market, pointing out that the price has dropped about 40% from its peak nearly three years ago.
According to him, Bitcoin’s struggles are glaring compared to gold’s steady rise. Schiff doesn’t think Bitcoin has what it takes to recover, and he’s been using these price drops as fuel for his anti-Bitcoin rhetorics.
Schiff also pointed out that Bitcoin has seen an 8% drop in the past six months. During the same time, gold has gone up by 23%. For Schiff, this is the perfect example of why gold is a more reliable asset.
He believes that gold is the real safe bet, while Bitcoin is just a speculative asset that will burn investors.
Schiff went on to warn that if Bitcoin’s price falls below a critical support level (around $60,000) it could trigger a wave of selling, leading to a panic among investors.
Schiff is convinced that Bitcoin’s volatility makes it an unstable asset, with investor sentiment always on the edge.
For him, the psychology of Bitcoin investors is fragile, and that’s why he keeps calling Bitcoin a ticking time bomb.
Gold: Steady as always
Schiff loves to point out that gold recently hit a record high of over $2,615 per ounce. He sees this as proof that gold remains the ultimate store of value.
He points out that hardly anyone who bought gold is losing money, while Bitcoin investors have had to deal with massive price swings.
Schiff isn’t impressed by Bitcoin’s gains, saying that its volatility overshadows any potential profits. Michael Saylor, though, couldn’t care less about gold. For him, Bitcoin is the future.
90% of everything he posts on social media is about Bitcoin. Saylor refers to it as “storm-proof,” and despite the dips in price, he remains more convinced than ever that Bitcoin is the most secure store of value.
He’s even gone as far as predicting that Bitcoin could hit $45 million by 2045. He sees it as a permanent space where individuals can protect their wealth from inflation and instability in the traditional financial system.
His company currently holds 244,800 BTC, worth around $14.6 billion. Saylor has also noticed a change in market sentiment.
He says investors are holding onto their Bitcoin instead of selling, showing that people are starting to see Bitcoin as a long-term investment. For him, this accumulation strategy is another sign that Bitcoin’s future is bright.