Peter Schiff: Bitcoin Won’t Go to Zero but Will Still Lag Gold

Gold advocate Peter Schiff and crypto investor Anthony Pompliano clashed during a discussion on Fox Business over Bitcoin’s long-term prospects.

Schiff said he does not expect Bitcoin to disappear within the next 10 years, but he would still bet that it will underperform gold over time. In response, Pompliano argued that both gold and Bitcoin supporters share the expectation that governments will continue expanding the money supply, adding that Bitcoin’s higher volatility reflects its greater upside potential.

Schiff countered that Bitcoin’s history of sharp declines, including drawdowns of more than 70%, shows volatility is a disadvantage rather than a strength. He also claimed that recent demand from companies and exchange-traded funds is mainly providing liquidity for early investors to take profits and exit.

Source: Fox Business