Bitcoin Vs Gold: Peter Schiff Says Apex Crypto May Have Crashed But He Bets On Yellow Metal Ending 2022 On High Note

Peter Schiff, chief economist and global strategist at Euro Pacific Capital, is betting that gold and silver will end the year on a positive note.

What Happened: Schiff tweeted this while highlighting the comparison between returns on the commodities and Bitcoin.

#Gold is still down 2% in 2022 and #silver is down 1%. Many #Bitcoin pumpers will point to this decline in a year of high #inflation as proof that gold has lost its relevance. Yet in 2022 Bitcoin is down 63% and $GBTC is down 74%. I bet both gold and silver end the year positive.

— Peter Schiff (@PeterSchiff) December 3, 2022

See Also: How To Invest In Startups

Grayscale Bitcoin Trust (OTC: GBTC) is trading at over 42% discount to its Bitcoin (CRYPTO: BTC). However, in the same period, iShares Gold Trust Micro (NYSE: IAUM) has lost just 0.33% while the iShares Silver Trust (NYSE: SLV) is up 0.52%.

In another tweet, Schiff also pointed out how the labor market was still weak and workers were taking on multiple "low-paying" jobs to survive.

The U.S. labor market is not strong. The number of employed Americans actually fell if Nov., and all the net gains where part-time jobs for people already employed. The truth is the labor market is so weak that workers are forced to take multiple low-paying #jobs just to survive.

— Peter Schiff (@PeterSchiff) December 3, 2022

Read Next: Alibaba Up 5%, Nio Surges 12%: Hang Seng Jumps As China Dials Down Zero-COVID Controls