Economist Peter Schiff mocks people who have dumped their gold ETFs to buy a Bitcoin ETF.
However, one of the commentators under the pseudonym Bitcoin Clown correctly noted that Peter’s skepticism loses touch with reality if longer periods of time are taken into account.
He cited statistics showing that cryptocurrency has significantly outpaced gold and stocks, the price of which is tracked by the S&P 500 index, in terms of growth rates. For example, over the past two years, the value of Bitcoin has increased by 129%, gold by 28%, and the value of the S&P 500 index has increased by only 29%.
Comparison of the growth rate of Bitcoin, gold and the value of the S&P 500 index
In addition, Schiff was reminded of a statement he made back in 2013, when Bitcoin was worth $1000:
Since Peter urged people to invest in precious metals instead of digital assets, Bitcoin has increased in price by more than 63 times. And gold has increased in price by only 92%. It turns out that investors who followed the economist’s advice missed out on more than 6100% of profit.
Source: Cryptocurrency
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