As he continues to bash Bitcoin (BTC), the American economist and gold bug Peter Schiff has recently challenged the status of the flagship decentralized finance (DeFi) asset as a safe haven amid geopolitical tensions, arguing that his favorite precious metal is the logical choice instead.
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.
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?
— Peter Schiff (@PeterSchiff) April 19, 2024
Bitcoin price 24-hour chart. Source: Finbold
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%.
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