Famous endorser of gold, Peter Schiff was once again toppled by Bitcoin investors. In a survey conducted by Peter on Twitter on July 14, almost 60% of investors said that they would hold Bitcoins until it crosses $10,000.
Peter Schiff, a famous financial analyst and CEO of Euro Pacific Capital, always advocates for gold. He is very active on different social networking sites and advocates for gold investments. He also provides brokerage services for gold and silver bullions through his company, Schiffgold. He always advises his clients to invest in gold. He opines that long term investments in the precious metal always beat inflation.
Peter Schiff has been skeptical about Bitcoin investments and is vocal about the cons of the decentralized digital currency. On his Twitter account, he posted a survey question on July 14 for all Bitcoin investors. He asked them how much longer Bitcoin’s price has to stay below $10000 before they sell this cryptocurrency. His question had four choices – “1 year, 3 years, 10 years, and I’m taking it to my grave”. The survey results shocked Schiff. Majority of the 13000 participants chose the last choice. According to around 60% of the Bitcoin holders, they will hold on to their Bitcoins till their death if the price doesn’t cross $10000.
Actually, this was not the outcome he was expecting. Peter Schiff regularly conducts online surveys for investors’ opinion and to prove his point. Earlier, the renowned gold investor and Bitcoin critic conducted another survey for investors. In that survey, the question was about the performance of cryptocurrencies and gold. The majority of investors who participated in that survey were of the view that the prices of both would reach a new high. A clear decision came out from that survey in support of gold investment.
It is true that twitter surveys are not reliable and the opinions may be biased. There is always a chance that Bitcoin promoters have chosen an option just to prove Peter Schiff wrong. On the other side, Peter Schiff’s is also doubtful. There is a possibility that he is using Bitcoin’s popularity to bring more customers to his own gold company. These surveys pitting gold against Bitcoins will make investors consider Peter’s Schiffgold as a safe place to harbor their funds.
According to reports of financial news sources, Peter Schiff has invested in Bitcoins also. Schiff himself has once mentioned that he had lost his Bitcoin wallet password and was making efforts to reset it. So, in spite of being a vocal cryptocurrency denigrator, Schiff himself has allocated a part of his portfolio to Bitcoin.
It may be added here that everyone in the financial market does not agree with Peter. Famous author, businessman, and financial educator, Robert Toru Kiyosaki said in an interview that Bitcoins would replace gold in the near future. He also added that gold promoters would slowly phase-out, and cryptocurrency will take center stage.