Peter Schiff admits that Bitcoin has not yet experienced a crash

Source: CritpoTendencia Original Title: Peter Schiff admits that Bitcoin has not yet suffered a crash Original Link: In a recent social media post, the well-known Bitcoin critic, Peter Schiff, admits that BTC is not crashing. However, he claims that investors are quickly losing their gains by holding their funds in this asset. The largest cryptocurrency faces serious problems in surpassing $90,000 per token.

The expert took advantage of the gold price boom to reaffirm his position that the metal is a better investment than Bitcoin. In his posts, the economist praised the qualities of metals like gold and silver, which are the only truly functioning stores of value.

“Silver and gold are at new record highs, precious metals mining stocks are exploding, and the dollar is tanking. Meanwhile, Bitcoin is down again. Bitcoin not crashing yet isn’t the real problem for HODLers. It’s all the gains they’re missing out on by continuing to hold Bitcoin.”

For years, cryptocurrency supporters have claimed that Bitcoin is a form of digital gold. This is due to some of its core qualities like scarcity. However, the digital currency has not been able to demonstrate such nature during critical periods when capital moves away from risk and seeks safety.

According to BTC enthusiasts, it is a very new asset, so more time is needed for investors to consider it as a store of value. Until that time comes, they say, BTC will continue to behave like a risk asset.

Despite his critical view, Schiff admits that Bitcoin is not yet in a massive collapse process. Nevertheless, he emphasizes that his investors are missing out on a great opportunity to profit from metals.

Bitcoin is not competitive with gold, Schiff points out

The expert suggests that the largest of cryptocurrencies is not on the same level as stocks, but also not on par with gold. In this regard, he highlights that the price below $90,000 is in an obvious stagnation, which is reflected in lower performance compared to gold or mining sector stocks.

Thus, although the token is not experiencing a price collapse, it also does not offer the returns that long-term holders expect. This means that the main problem for holders is not that BTC will collapse in the short term, but that they are missing an unrepeatable opportunity to make gains.

Despite constant pressure from critics like Schiff, Bitcoin supporters argue that short-term gains are not its priority. Instead, they emphasize that the crucial difference lies in holding the investment long-term, where the superiority of BTC’s performance over gold is truly evident.

In simple words, Bitcoin’s poor performance compared to gold in the recent context does not undermine the long-term potential of the pioneering cryptocurrency. This potential is based on the fact that it is a mathematically scarce, secure, and economical asset. Bitcoin’s historic recoveries and rallies serve as an indication that patience will reward current holders.