“Bitcoin is in suckers rally,” says the man who predicted the 2008 financial crisis

“Bitcoin is in suckers rally,” says the man who predicted the 2008 financial crisis

Since their lows in November, Bitcoin and gold have seen great market strength. While the metal is up 19.4%, the largest cryptocurrency has moved on, posting gains of 49.1% in recent months.

With Bitcoin skyrocketing, some analysts and investors are taking advantage of the moment to make money. However, Peter Schiff is angry that Bitcoin is getting more media attention than his favorite asset, gold.

Two weeks ago, the businessman claimed that Bitcoin’s rise is a “suckers rally”, complaining that gold’s “true rally” goes unnoticed by other investors.

“Rally of Suckers”

While gold and Bitcoin are very similar, especially in terms of scarcity, not everyone can love both. One of the greatest examples is Peter Schiff, known as a “gold beetle”.

While Bitcoin boomed last month, the entrepreneur spent much of his time vilifying the cryptocurrency. To illustrate, while Robert Kiyosaki argues that Bitcoin and gold are rising due to the weakening of the dollar, Peter Schiff argues that the rises are due to several reasons.

In another tweet, Schiff also called Bitcoin’s rally a “suckers’ rally,” complaining that gold’s massive 20% jump went unnoticed due to Bitcoin’s massive appreciation.

“Bitcoin Rally Covers Unnoticed Gold Rally”complained Peter Schiff. “While the financial media is distracted by the dork rally that is happening in silly gold, they are not paying attention to the real rally that is happening in real gold. So the gold rally still has a long way to go.”

This isn’t the first time Schiff has complained about the media. For example, in August last year he accused CNBC of manipulating the price of Bitcoin.

“This must mean cryptocurrency industry insiders, major advertisers on the network, are asking some favors”Schiff accused at the time. “They want to convince CNBC viewers to buy cryptocurrencies and crypto-related stocks so they can sell them.”

Finally, Schiff seems envious that the new generation of investors is more interested in a digital asset than a mere shiny metal.

Another point is that Bitcoin’s high volatility, seen by some as a negative, also generates more news than the boring gold market.

Source: Live Coins