- Peter Schiff calls Bitcoin “fool’s gold” amid a 32% decline against gold since August.
- CZ defends Bitcoin’s long-term potential, citing its growth from $0.004 to $110,000.
- Bitcoin’s key support level at $107,000 could attract significant buying interest.
The clash between gold and Bitcoin has reignited, with Peter Schiff labeling Bitcoin a failure as “digital gold.” As Bitcoin struggles against gold, which has risen 32% since August, Schiff’s accusation of the cryptocurrency as an unreliable store of value stands in stark contrast to Binance CEO Changpeng “CZ” Zhao’s defense of Bitcoin’s long-term potential.
Peter Schiff, a staunch advocate for gold, is doubling down on his belief that Bitcoin is not the answer to economic instability. With Bitcoin down 32% against gold since August, Schiff argues that the cryptocurrency’s failure to perform as a reliable store of value proves gold’s superiority. In a condemnation, he called Bitcoin “fool’s gold” and urged investors to sell and move their funds into real gold. Schiff described the current Bitcoin market as a “brutal bear cycle” and warned that the crypto asset is likely to see further declines.
CZ Fires Back: Bitcoin’s Long-Term Trajectory Is Key
In response to Schiff’s remarks, Binance’s CZ Zhao rejected the notion that Bitcoin has failed. While acknowledging Bitcoin’s short-term struggles, he pointed out that these fluctuations are minor compared to Bitcoin’s remarkable rise from $0.004 to $110,000 over the last 16 years.
For CZ, the growing adoption and limited supply of Bitcoin ensure its future value, despite the recent setbacks. He argued that Bitcoin’s long-term possibility continues to outshine gold, especially as its adoption and technological advancements expand.
Key Support Levels: Bitcoin Faces Crucial Test
From a technical standpoint, Bitcoin’s price action is closely tied to its 200-day moving average (MA), which currently sits around $107,000. Crypto analyst Ted Pillows has highlighted this price level as a critical support zone.
If Bitcoin closes below this mark, the cryptocurrency could experience further drops, possibly heading toward $100,000 or even lower. However, Pillows believes that this area will attract significant buying interest from both retail and institutional investors, with long-term holders likely to accumulate Bitcoin at these levels.
