In a recent post on X (formerly Twitter), Peter Schiff, a global strategist critical of crypto and host of the Peter Schiff Show podcast, once again criticized Bitcoin maximalists.

Back in February 2021, Peter remarked, “While a temporary move up to $100K is possible, a permanent move down to zero is inevitable.” This time, he reiterated his faith in gold and raised concerns about Bitcoin's scarcity and potential censorship issues. He questioned Bitcoin holders and pondered why Bitcoin-related equities are underperforming despite price predictions suggesting Bitcoin may reach $100K due to halving.

To ridicule fellow crypto enthusiasts, he suggested, “Sell your fool’s gold and buy the real thing,” emphasizing his belief that gold holds a superior position in the market compared to Bitcoin. He argues that Bitcoin lacks backing and has yet to demonstrate practical use cases. Peter frequently appears on crypto podcasts to advocate for gold.

In another tweet, Peter dismissed the comparison of Bitcoin to “Digital Gold,” insisting that Bitcoin should not be equated with physical gold. He noted the decline in Bitcoin spot ETF products while highlighting a 1.5% increase in gold prices, reaching an all-time high. However, some view this as a marketing tactic since Schiff is associated with Euro Pacific Precious Metals.

According to CoinMarketCap, Bitcoin accounted for 55% of the $2.4 trillion virtual currency market by the end of last week, a percentage not seen since April 2021. The latest wave of US ETFs introduced by companies like BlackRock Inc. and Fidelity Investments has amassed $56 billion in assets, marking a successful debut.

Regarding the question, ‘Why are all Bitcoin-related equities down?’ Many users on X pointed to various factors, attributing price fluctuations to the upcoming Bitcoin halving and ongoing tensions between Israel and Iran. Concerns about Middle East tensions have led investors to seek safer investment options, contributing to market instability.