The infamous Bitcoin critic Peter Schiff has just proposed another argument in his countless attempts to devalue the flagship cryptocurrency.
This time, Peter Schiff tries to use the alleged negative correlation between Bitcoin and gold to prove that it’s not a viable alternative to gold as either an inflation hedge or a store of value.
On his Twitter profile, which has 667k followers, Schiff wrote today:
“Today’s big rally in #Bitcoin and pullback in #gold provides more proof that Bitcoin isn’t digital gold. It has nothing in common with gold and if anything is negatively correlated with gold. It’s not a viable alternative to gold as either an #inflation hedge or a store of value!”
The tweet appeared as a preview of Bitcoin’s (BTC) recent bounce to $42,153, up 8 percent from the past 24 hours as the global market reacted to the positive news of a ceasefire and fresh round of talks between Russia and Ukraine.
Gold, meanwhile reacted to the latest twist in the Russia–Ukraine saga with a slight pullback to $2,012 per ounce, down 1.81 percent from the past 24 hours.