The gold price briefly dropped below $2,000. It is now above this barrier again. This inspired Peter Schiff to write a post on X. And yes, he once again mocked those investors who invest their funds in Bitcoin.
The gold rate dropped below $2,000
A few days ago, the price of one ounce of gold dropped below USD 2,000. This situation did not last long. It could be used to purchase temporarily cheap precious metal. This is probably what Peter Schiff did. The economist and probably the biggest fan of metal kings mocked investors who purchase units of BTC ETFs.
It didn't take long for gold (the price of an ounce) to return below $2,000. This could be the last breakout of weak longs before gold soars to new highs. The biggest mistake was made by those investors who sold gold to buy a unit of one of the new BTC ETFs. Trading is a classic indicator of contrarianism
– he wrote, showing off his knowledge of at least one difficult word.
A contrarian is an investor who acts in opposition to other market participants. His entire strategy is based on the assumption that there are moments when it is worth going the opposite way than everyone else. For example: when everyone is selling bitcoins en masse, a contrarian buys them with a smile (although Schiff would not like this).
Gold or Bitcoin?
Peter Schiff has been making the same mistake for years. Namely, with the stubbornness of a maniac, he rejects the idea of buying bitcoin and claims that it is only worth investing in gold. Having two of these assets in your portfolio is not mutually exclusive! On the contrary, they complement each other perfectly. This despite the fact that BTC is sometimes referred to as digital gold.
Gold is a great investment if you think about it for the long term. And I mean really LONG-TERM thinking, defined by decades, not years. It's a good idea to save for your future retirement. The supply of the metal – just like BTC – is limited, which increases its value (unless in a decade we start conquering space and new gold of the yellow metal is discovered on other planets).
Bitcoin, on the other hand, is a good investment when we understand its boom and bust cycles. As long as these remain in force, it will be worth hodling BTC. So now we are in a good moment to continue accumulating bitcoins. We have a halving ahead of us, which will start the bull market for good.
The above text does not constitute investment advice.
You can buy gold on Cashify Gold.
