Peter Schiff bites again: “Gold is a safe haven, and Bitcoin is equal to… nothing.”

The notorious financial commentator Peter Schiff made a sarcastic remark towards Michael Saylor, co-founder of Strategy, after Saylor tweeted that “one Bitcoin is equal to one Bitcoin” following the recent market crash. “Exactly, and that’s all it’s equal to,” Schiff responded to the maximalist mantra.
Schiff has long argued that the largest cryptocurrency has no real value.

During the latest stock market sell-off, Schiff repeatedly emphasized that the leading cryptocurrency cannot serve as a store of value due to its correlation with stocks.
“Gold can exist as a store of value, a safe haven, and a hedge against inflation. Bitcoin can exist as the riskiest of risk assets, which can go up or crash depending on sentiment, liquidity, risk appetite, greed, and ignorance,” he said earlier this month.

Moreover, gold supporters also note that the precious metal is used in various industries, including Bitcoin mining. The yellow metal is used in building ASIC miners for Bitcoin mining. Due to its excellent electrical conductivity, it is used for microchips and circuit boards.
“Unfortunately, gold is also used to create Bitcoin and to process Bitcoin transactions,” Schiff said earlier this month.

Saylor, the most prominent voice in the Bitcoin community, has yet to debate Schiff. Back in 2021, Schiff claimed that Saylor had declined a debate invitation from a Bitcoin-supporting moderator.
Against the backdrop of the latest market sell-off, Schiff predicted that Strategy would go bankrupt.