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Gold Bug Peter Schiff Slams Bitcoin's Mainstream Media Airtime

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August 5, 2019 | 

829 Views | 

Darryn Pollock | 

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Bitcoins climb into the mainstream media market is hitting new heights as fammed Gold fanatic, Peter Schiff has slammed US network CNBC for giving the digital asset Bitcoin far too much air time. Schiff, who believes gold is the best investment, is concerned that the coverage is ‘duping investors’.

There has been a long conflict between gold and Bitcoin in terms of their advantages as investable assets. Some more traditional investors still maintain that gold is a safe haven and good long term investment while others are strongly in favour of the highly risky Bitcoin.

The issue, for Schiff and others, is that Bitcoin buying is still highly speculative and the recent price spike which is dominating the news is probably another case speculators trying to get a foot up on the volatile cryptocurrency market. 

Some believe that Bitcoin’s move to over $11,000 is down to Chinese economic upheaval, however, Schiff believes it is not people using Bitcoin to avoid the upheaval, rather speculators buying up Bitcoin in the hopes the upheaval plays a role in rising prices. 

Duping the audience

Schiff continues to be anti-Bitcoin, and very pro gold, and it is for this reason he launched a tirade against CNBC for its role in getting people worked up about the price of Bitcoin - especially in such a speculators market. 

“CNBC is trying its best to dupe its audience into buying Bitcoin. Despite gold being a much larger market, CNBC devotes far more airtime to Bitcoin,” he tweeted.

Schiff also claimed that current events impacting the Chinese economy did not cause fresh interest in Bitcoin.

“The Chinese aren't buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!” he added.

Fighting the fight

Schiff has come more and more into the spotlight in recent months with his belief that gold is better than Bitcoin - and this despite Bitcoin’s price being up 200 percent year to date. 

He was part of an hour long debate with fammed Bitcoin bull, and Morgan Creek Digital co-founder, Anthony Pompliano. The debate centered around Schiff believe that Bitcoin is inherently valueless with Pompliano saying that Schiff should be 100% percent sure of Bitcoin’s lack of value, or he would regret lambasting instead of investing in it.

The debate also came before Bitcoin's recent rise in price with some suggesting it had a part to play in the over 15 percent gain - however, this seems like too small of an instance to move an entire market that much.

But, the Gold bug Schiff does hold some Bitcoin after a slew of individuals sent him about 0.21 BTC ($2,470) to try and change his opinion. Schiff said he would be keeping it.

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