"Merely fools are choosing Bitcoin" over gold, according to renowned gilded proponent Peter Schiff.

In a March 24 tweet, Schiff expressed his negative view of the intellectual capabilities of Bitcoin (BTC) investors. He wrote:

"Only fools are choosing Bitcoin.  Then far this year golden is up over 7%, while Bitcoin is downward three%. Gold is only 2% from its 2022 high, while Bitcoin is 35% below its 2022 high!"

Schiff also pointed out that during the 2008 financial crisis, gold fell past about 25% and reached a new loftier in seven months. Based on that, he made his prediction:

"During the 2008 financial crisis, gold cruel about 25% and took 7 months to brand a new high. This time gilt only vicious well-nigh xv%, and may brand a new high in under a month. This shows how much greater this financial crisis is, and how much more reckless current Fed policy is."

"Bitcoin is yet in a bear marketplace"

In another tweet, Schiff said that Bitcoin proponents are accusing him of ignoring the coin's 12% gain on the day. He responded to them:

"Bitcoin is yet in a bear marketplace. It'south all the same downwardly 35% from its 2022 high, and iii% YTD. In contrast, gold is in a bull market. It's only 2% beneath its 2022 high, and up 7% YTD."

It is worth mentioning that Schiff's praise towards gold is well aligned with his personal interests. He is the chairman at Schiffgold, a precious metal dealer.

As Cointelegraph has reported in the past, Schiff often attempts to convince his followers that Bitcoin is non a worthy investment. On March 10, Bitcoin surged to $8,150 before encountering resistance and being pushed dorsum to $7,730 while most of the market place was in a freefall. Shiff at the fourth dimension ignored the fact and said:

"Bitcoin is no longer a not-correlated nugget. It's positively correlated to adventure assets like equities, and negatively correlated to safe-haven avails like gold. When adventure assets become down, Bitcoin goes down more than. But when risk avails become upwardly, Bitcoin goes up less. No value in that!"

As of printing time, Bitcoin is 6% up on the twenty-four hours as Wall Street opened in the green.