The battle between gold and Bitcoin has raged on since the latter’s inception, and the strain between proponents of both the industries continues to this day. In the latest series of tweets, Peter Schiff, the CEO of Euro Pacific Capital, attacked Bitcoin whales as the reason for the growth of the world’s largest cryptocurrency.
His tweet read:
“Bitcoin hodlers won’t sell as they believe they’ll get rich when #Bitcoin moons. Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don’t lose faith and cash out so that they can cash in!”
Some members of the cryptocurrency community did not take Schiff’s comments sitting down with ABremnath replying:
“Are you willing to put all of your Gold on the line for this statement? If you are wrong, you donate your gold to charities of your own choosing. You can have 15 years for Bitcoin to go to zero. If you are right you get to gloat and stay extremely rich.”
The Euro Pacific official’s comments came after Bitcoin, and the rest of the cryptocurrency market saw a surge unseen in many months. Bitcoin mainly had a fantastic individual win, which saw it grown by 42 percent in terms of intraday gain, a high achieved for the first time since 2011.
At press time, Bitcoin trades for $9149.85, with $164.88 billion being its total market cap. The crypto king also boasts a 24-hour market volume of $28.64 billion after a 7-day 17.14 percent increase shot the value into higher territories.
Bitcoin was also up by a healthy 30 percent against gold, and that is a metric that a lot of people did not expect to see due to the bear’s attacks in recent weeks. At the same time, gold has been having a tumultuous time with the precious metal falling to a one-week low after China’s focus shifted from the mainstream industry to the blockchain world. The fiat industry had taken a hit when the United States Federal Reserve announced that they would be pumping more capital into the system, creating a ‘recession’ buzz all around.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.