Peter Schiff goes off the rails after Bitcoin surge.

Peter Schiff long time gold advocate goes off the rails today as Bitcoin prices surged more than 10% today.

Since Feb 2nd the $GDX is down 11.5%. However, over that same time period the #gold price has remained unchanged. However, #Bitcoin surged by over 40%. Clearly gold stocks are a major source of funds fueling inflows into the new #BitcoinETFs. A gold rally should prick the bubble.
— Peter Schiff (@PeterSchiff) February 28, 2024

Unfortunately for #BitcoinETF buyers a lot less money will come out of Bitcoin ETFs than went in, as the selling will cause #Bitcoin to crash. So most of the money to buy #gold stocks will come from other sources.
— Peter Schiff (@PeterSchiff) February 28, 2024

We are advocates of buying gold, silver and other precious metals, but this just makes Schiff look desperate. Anyone who trades gold or silver stocks knows by now that the precious metals are manipulated in a way to keep the prices suppressed. Could this change? Sure, but for now it remains as it always was.

When #Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses.

Now that #Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40% (just from the market purchases), and our main source of BTC is now our…
— Nayib Bukele (@nayibbukele) February 28, 2024

The ultimate question is who will get the last laugh? We saw that Coinbase had “technical troubles” and went down mid-day which caused Bitcoin to drop close to $ 5,000 dollars in just minutes. Crypto remains subject to cyber issues and potential cyber-attacks whereas precious metals you can store in the comfort of your own home.

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