Binance CEO CZ Calls Gold Bug Peter Schiff A Sheep In Wolf’s Skin

Changpeng Zhao of Binance tweeted that Peter Schiff, a vocal Bitcoin and crypto critic and a gold bug, talks more about the digital asset than the yellow metal. Funnily, he adds, most of Peter’s followers are Bitcoin and crypto followers, who, as expected, would lash back at the analyst whenever he discredits the crypto asset.

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Is Peter Schiff A Secret Bitcoin Hodler?

In a tweet, Changpeng responds to Peter’s dig at Bitcoin:

“He tweets more Bitcoin than gold. And his commenters/followers are all Bitcoin people. He is the sheep in wolf’s skin. Lol.”

He tweets more #bitcoin than gold. And his commenters/followers are all bitcoin people. He is the sheep in wolf's skin. lol https://t.co/UbFHpJ69fd

— CZ 🔶 BNB (@cz_binance) May 6, 2020

The gold bug has repeatedly argued that Bitcoin will plunge to zero and continues to scorn holders. Meanwhile, gold fundamentals as a safe haven in times of economic doldrums are been regurgitated over the years.

Charles Hoskinson of Cardano chimed in and aimed a dig at gold proponents’ tired pitch:

“I’ve known him since 2007. Dr. Doom has the same old pattern. The sky is falling, the economy is doomed! Only gold can save us. Everything else is a scam. Bitcoin is bad because reasons xyz. Same pitch for a decade.”

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Gold Prices Capped at $2,000

A staunch supporter of the yellow metal, the economist acknowledges that Bitcoin has been treading on the same level as gold, even at some point outperforming the safe haven asset.

However, this didn’t prevent him from thrashing the asset’s performance and independence. He notes that despite BTC rising 23 percent year-to-date almost doubling gold’s during the same period; the surge was less impressive and expects demand for the coin to fall after halving ,troubling miners.

“Bitcoin will not become scarcer after the halving. Its supply will keep growing, but maybe more slowly. However, as buyers have been front-running the halving for months, the demand will actually fall once it occurs. Falling demand and rising supply is bearish for price.”

#Bitcoin bugs are touting Bitcoin's slight YTD outperformance over gold as a sign of Bitcoin's superiority to #gold. On a risk-adjusted basis, Bitcoin's 23% gains verses gold's 12% rise is far less impressive. With the halving just 6 days away, Bitcoin's YTD gains can fade fast.

— Peter Schiff (@PeterSchiff) May 5, 2020

There is optimism from the crypto trading community that the price of BTC will inch higher post halving. But there is a risk that prices will counter this expectation and crater back despite sell pressure from miners decreasing.

This is advised from the increasing belief that Bitcoin price will rally qualifying it as a consensus trade, a fact that Peter anchors on as he explains that BTC will drop after halving.

“A consensus trade is crowded and usually doesn’t pan out as the crowd expects. I can’t think of a more consensus trade in Bitcoin than being long going into the halving, an event that is universally believed to be extremely bullish. So once the halving occurs, who’s left to buy?”

A consensus trade is crowded and usually doesn't pan out as the crowd expects. I can't think of a more consensus trade in #Bitcoin than being long going into the halving, an event that is universally believed to be extremely bullish. So once the halving occurs, who's left to buy?

— Peter Schiff (@PeterSchiff) May 5, 2020

Still, historical prices counters Peter’s argument. Even though prices fluctuate, BTC has maintained an upward trajectory since launch. Within that time, gold prices were capped at $2,000, a level that is yet to be broken in nine years.