Peter Schiff claimed Bitcoin is now one of Wall Street’s worst-performing assets, renewing his long-running criticism.
Nate Geraci has responded to Peter Schiff’s latest criticism of Bitcoin (BTC), challenging his claim that the cryptocurrency is lagging behind.
This comes as data reveals that investors have shifted toward precious metals over the past year.
Schiff Calls Out Bitcoin’s Poor Performance
Schiff, a long-time Bitcoin skeptic, recently took to social media to say that the flagship cryptocurrency is now one of the “worst performing assets” on Wall Street.
“Bitcoin was the best performing asset during a time period when hardly anyone owned it. But ever since Wall Street embraced it and most people bought it, it’s been one of the worst performing assets,” he wrote.
However, Geraci, president of NovaDius Wealth Management, has disagreed with this view. The analyst responded to him on X, pointing out that Bitcoin has been outperforming the S&P 500, stating:
“Spot BTC ETFs shattered every ETF launch record (i.e., ‘Wall St embraced it & most people bought it’).”
He further explained that the cryptocurrency has risen roughly 90% since the ETFs debuted, compared with gains of less than 50% in the broader stock market, expressing frustration with the economist’s constant bearish outlook of the digital asset.
Schiff has repeatedly criticized Bitcoin on social media in recent months, arguing that it has failed to live up to its reputation as “digital gold,” while also praising the performance of its traditional precious metals counterparts. Last December, he celebrated gold’s surge past $4,400 by challenging his followers with a poll asking whether the metal would hit $5,000 first or the leading cryptocurrency would plunge to $50,000.
The financial commentator has also previously suggested that Bitcoin’s collapse will occur before any crisis involving the U.S. dollar unfolds.
You may also like:
Shifting Market Dynamics
A new report from Santiment shows that market dynamics are changing, with rising uncertainty about the world’s future outlook pushing investors toward precious metals.
Data indicates that over the past year, silver has surged by 214%, gold has climbed 77%, and Bitcoin has dropped 16%. This divergence could be interpreted as a bullish sign for the lagging crypto market, as the performance of “digital gold” and metals has frequently alternated over the past decade, with Bitcoin often leading during specific cycles.
However, some analysts argue that this preference for physical assets could represent a new long-term trend in the market. Overall, institutional investors have been steadily accumulating crypto, a pattern that has been consistent since late November last year.
SECRET PARTNERSHIP BONUS for CryptoPotato readers: Use this link to register and unlock $1,500 in exclusive BingX Exchange rewards (limited time offer).
