Bitcoin Bear Peter Schiff Gets Roasted: 'At What Point Do You Admit You've Been Wrong?'

Well-known gold enthusiast and cryptocurrency skeptic Peter Schiff on Thursday stirred the hornet's nest, suggesting that the weakness in gold stocks is due to investors flocking to spot Bitcoin (CRYPTO: BTC) ETFs.

This bold statement has ignited a fiery debate across the Twitterverse, with the crypto community seizing the opportunity to roast Schiff's predictions.

What Happened: Catalyst, Rising Action

Schiff said Bitcoin has become a direct bet against gold, predicting a scenario where gold will eventually break out, funded ironically by the sell-off in Bitcoin ETFs.

He further speculated that this sell-off would lead to a crash in Bitcoin's value, leaving investors with less capital to return to gold stocks.

This perspective, however, was met with skepticism and humor from the crypto community, with users quick to point out the flaws in Schiff's logic and his historical inaccuracies regarding the apex crypto's performance.

Also Read: Bitcoin ETFs Skyrocket With Record Inflows, Morgan Stanley Considers Entry

Twitter's Roast Session

• TheBitcoinTroll asked Schiff, 'At what point do you admit you've been wrong?' probing for conditions like market shifts or divine signs that might change his stance.

• Racer Hex humorously inquired if the predicted crash was physically present with Schiff, while Jamiejmann likened Schiff's stages of public opinion to the five stages of grief, implying he was in the bargaining phase.

• Cryptoamo.eth questioned Schiff's persistence despite repeated losses, and cihat e. çiçek pointed out the irony in Schiff's stance given the USD's performance against Bitcoin and tech stocks.

• Mr X reminded everyone of Bitcoin's scarcity, and Lucidvein expressed confidence in Bitcoin's future, especially with institutions like Blackrock ETF showing interest.

• AnarchistFrodo offered respect to Schiff but probed what being wrong would look like for him, emphasizing the intellectual humility needed in financial speculation.

• The Nomaddictrader humorously wagered all the gold in the world against Schiff's predictions coming true, showcasing the high stakes and passion in the debate.

What’s Next/Price Action: Epilogue

As the dust settles on this latest Twitter skirmish, the financial world watches closely to see which asset will emerge victorious in this digital vs. traditional showdown.

Price Action

At the time of writing, Bitcoin was trading at $63,100, up about 4.1% over the past 24 hours, according to Benzinga Pro.

Read Next: $6.26M And Rising: Inside Donald Trump's Surging Crypto Portfolio

Image created using artificial intelligence with Midjourney and a photo from Gage Skidmore on Flickr.