Gold bug Peter Schiff got dragged on Twitter after spouting false information about bitcoin. Schiff incorrectly claimed that BTC prices have plunged 15% since June 19. By comparison, Schiff gloated that gold prices have spiked 10% during the same period. Instead of dropping, Schiff said the

Bitcoin basher Peter Schiff, an avowed gold bug, got dragged on Twitter after spouting a false claim about the bitcoin price. Source: AP Photo / Mark Lennihan

Gold bug Peter Schiff got dragged on Twitter after spouting false information aboutbitcoin. Schiff incorrectly claimed that BTC prices have plunged 15% since June 19.

By comparison, Schiff gloated that gold prices have spiked 10% during the same period.

Instead of dropping, Schiff said the bitcoin price should have climbed due to a combination of favorable press, weakness in global currency and stock markets, andfalling interest rates.

Schiff then derisively suggested that BTC holders are probably experiencing some remorse about not selling. Hodlers should wonder whos been selling, and why, he tweeted.

Francis Pouliot, the CEO of Canada-based bitcoin exchange Bull Bitcoin, reacted by drop-kicking Schiff on Twitter.

Pouliot attached a chart contradicting Schiffs claims and showing the gradual crescendo in the bitcoin price over the past seven weeks.

You, sir, are lying. Bitcoin increased $2,000 per coin since June 19th.

In a follow-up tweet, Pouliot said Schiffs mistake probably stemmed from his trauma from the guilt of leading his followers away from unfathomable wealth since 2013 by repeatedly dissing crypto.

Other crypto bulls chimed in to smack down Schiff, whom they believe was intentionally spewing FUD. In the past, Schiff has repeatedly trashed bitcoin and dismissed its investors as dumb, inexperienced kids.

One Twitter user suggested that Peter Schiff is enamored with gold because thats what people in his age group like. No one under 50 years old wants gold, he snipped.

Another joked that Baby Boomers are in for a rude awakening when theyre forced to sell all their gold to cover medical expenses at the same time when millennials take over a new digital economy.

Gabor Gurbacs of investment management firm VanEck referred Schiff to a prior tweet, where he said that gold bugs created a good number of bitcoin fans.

Gurbacs implication is that bitcoin and gold should coexist instead of competing with each other in a zero-sum game where only one asset survives.

Another member of Crypto Twitter shared a hilarious poem, where he playfully mocked Peter, Peter gold bug dear.

Ninety minutes after his initial tweet, Schiff corrected himself and admitted he made a mistake. Schiff noted that bitcoin is down 15% from its June 26th high, not June 19th.

In response to Schiffs continued negative spin, VanEcks Gurbacs suggested that Schiff compare bitcoin to gold using standardized one-year, three-year, five-year, and 10-year periods.

Gurbacs promised that as a gold guy, you should like what youll find.

That riposte garnered plenty of Twitter props.

The U.S. stock markets wild fluctuations this week ignited speculation that the bitcoin price spiked because investors were flocking to it as a hedge against market turmoil.

Many crypto bulls believe that increasing geopolitical conflicts caused investors to seek refuge in safe-haven assets such as gold, U.S. Treasury bills, and bitcoin. However, because of its extreme volatility, bitcoin is not widely considered a safe-haven asset.

That said, theres no denying that bitcoin is experiencing a massive surge since the brutal 2018 bear market. Year-to-date, thebitcoin priceis up more than 200%.

Samantha Chang is a New York City-based financial editor who writes about crypto and business atCCN. She is a law school grad and an alum of the University of Pennsylvania. You can reach her on Twitter atSamantha Changor email her at .

Storing Crypto on a Centralized Exchange Is Safer for Most, Says Binance CEO

Peter Schiffs Bitcoin Wallet Vanishing Act Is the Most Boomer Thing Ever

This Simple Chart Divulges Where the Gold Price Goes from Here

Dow Recoils After Terrifying Coronavirus Outbreak Invades U.S. Soil

Boeing Stock Crashes to 52-Week Low Following Shocking Report on 737 Max Grounding

Tottenham Must Sign a Striker or Wave Their Season Goodbye

Clintons Inevitable Bernie Sanders Endorsement Will Be Gloriously Awkward

Why Joe Montana Should Root for the Kansas City Chiefs in Super Bowl LIV

Little Town Hero Shows Game Freak Cant Do Much But Churn Out Pokemon

Huaweis CFO Faces U.S. Extradition as War for 5G Dominance Intensifies

Big Techs Political Reckoning May Fuel A Stock Market Crash In 2020

Gun Stocks Need Trump to Lose or Hope More States Copy Virginias Example

Sign-up Early to Get Free Access to the Insights Online Summit

If Godfall Is This Bland Could the PS5 Be in Serious Trouble?

Bankera Loans Introduces the Lowest Loan Minimum on the Crypto Lending Market

Derrick Rose Isnt the Answer for the Los Angeles Lakers

2020 May Be the Year Cannabis Stocks Surge Like Apple

New Coronavirus in China May Ignite a Big Stock Market Correction

© 2019 By Hawkfish AS, Drengsrudhagen 6, 1385, Asker, Norway. Former: PF Wetting., also known as CCN Markets, is a news site reporting on Markets, Gaming, Business, and Sports. Op-eds and opinions should not be attributed to Disclaimer: Any financial information given on should not be used as an investment or trading advice. Conduct your own research and due diligence before making any investment or trading decisions. Journalists on follow the Code of Ethics of the Norwegian Press.

Sitemap-Terms and Conditions-Privacy Policy-RSS Feeds

Some third-party applications like Twitter, Youtube, and Google utilize cookies. By rejecting this cookie consent, you might not be able to read the full article due to embeds.