US economist slams Bitcoin’s status as a safe haven amid geopolitical chaos
As he continues to bash Bitcoin (BTC), the American economist and gold bug Peter Schiff has recently challenged the status of the flagship decentralized finance (DeFi) asset as a safe haven amid geopolitical tensions, arguing that his favorite precious metal is the logical choice instead. Specifically, Schiff said that the most recent escalation in the Middle East had triggered a gold rally of 1.6% to $2,416, whereas Bitcoin tanked “4% down to $61K,” posing a rhetorical question of “which one is a safe haven and which one is a highly speculative digital token?” in an X post on April 19. Explosions In Central Iran and Israeli Airstrikes In Iraq and Syria send stock futures tumbling and oil spiking. #Gold immediately rallies 1.6% to $2,416. #Bitcoin immediately tanks 4% down to $61K. Which one is a safe haven and which one is a highly speculative digital token? — Peter Schiff (@PeterSchiff) April 19, 2024 ‘Bitcoin fad is over’ Furthermore, he pointed out that gold was “...