Perhaps the best known cryptocurrency critic, Peter Schiff, leaned back into the Bitcoin digital currency. He decided to refute the idea that the cryptocurrency market does not copy the market for traditional assets such as stocks and commodities. Peter Schiff has long maintained the gold standard and considers gold to be the best investment.
Schiff has long held the gold standard that promotes across the media. That’s why he found a whipping-boy in the BTC. The current state of the market, when all tokens are bleeding, plays a lot in his favor. The cryptocurrency market is currently on the same trajectory as the US stock and commodities markets.
In his latest post on Twitter, the boss of Euro Pacific Capital said that Bitcoin could not call itself an ‘untied asset‘. As evidence, he chose his correlation with other risky assets.
When risky assets such as stocks go down, the BTC goes along with them. And even more. In addition, when safe investments like gold grow, Bitcoin grows much less. From this he deduced that Bitcoin had no value.
Bitcoin is no longer a non-correlated asset. It's positively correlated to risk assets like equities, and negatively correlated to safe-haven assets like #gold. When risk assets go down, #Bitcoin goes down more. But when risk assets go up, Bitcoin goes up less. No value in that!— Peter Schiff (@PeterSchiff) March 10, 2020