As tensions between Israel and Iran roil global markets, economist and gold advocate Peter Schiff has taken the opportunity to criticize Bitcoin’s role as a so-called “digital gold.”
In a post on social media platform X, Schiff pointed to the market reaction following Israel’s military strike on Iran, noting that oil prices surged by 5% while S&P futures dropped 1.5%. He emphasized that gold, widely regarded as a traditional safe haven, climbed 0.85% as investors sought refuge from geopolitical risk.
Meanwhile, Bitcoin fell approximately 2%, triggering Schiff’s rebuke of the digital asset. “How can anyone consider Bitcoin to be a digital version of gold?” he wrote, challenging one of the most popular narratives in the crypto community.
Schiff has long argued that Bitcoin lacks the intrinsic value and historical reliability of gold during market stress. His latest comment comes amid broader uncertainty in both crypto and traditional financial markets, where investors are reacting swiftly to macro events.
While Bitcoin proponents claim the asset’s limited supply and decentralized nature offer inflation resistance and long-term value, Schiff maintains that real-world crises expose its volatility and speculative nature.
The contrasting price movements between gold and Bitcoin during times of crisis continue to fuel the debate over which asset offers true safe-haven protection.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/peter-schiff-mocks-bitcoin-after-israel-iran-conflict-sends-gold-up-and-btc-down/