Economist Peter Schiff took a dig at the conviction of Bitcoin (CRYPTO: BTC) holders on Sunday, suggesting that their expectations might be misguided.
Schiff Questions ‘Overwhelming’ Consensus Among Bitcoiners
In an X post, Schiff challenged Bitcoiners’ supposed conviction that they are guaranteed “extraordinary gains” if they weather the market’s volatility.
“When such an overwhelming consensus develops, markets tend to confound expectations by doing the opposite of what the crowd expects,” the Bitcoin critic added.
See Also: Vanguard Exec Says Bitcoin Is Like ‘A Digital Labubu’
The Counter-Point
The post comes as Bitcoin’s price dropped below $88,000 on Sunday, down from highs above $90,000 earlier in the week. The sentiment slipped into “Extreme Fear,” according to the Crypto Fear and Greed Index.
Meanwhile, Bitcoin advocates countered Schiff’s argument. Eli Nagar, CEO of Bitcoin mining firm Braiins, said the idea of the market doing the “opposite of consensus” applies to discretionary assets but not Bitcoin, which, according to him, reprices monetary debasement.
Bullion Over Bitcoin?
Schiff’s comments on Bitcoin come at a time when he has been vocal about his expectations for gold and silver. On Saturday, he advised investors to purchase these precious metals before equity markets open for trading next week, anticipating new record highs.
Earlier, Schiff had called a Bitcoin rebound a ‘good opportunity’ to sell the ‘fool’s gold’ and invest in silver instead, as he celebrated silver’s new all-time high above $60 per ounce.
Price Action: At the time of writing, BTC was exchanging hands at $89,762.95, up 0.50% in the last 24 hours, according to data from Benzinga Pro.
Spot gold traded at $4,326.75 per ounce, up 0.56% in the last 24 hours. Spot silver traded up nearly 1% at $62.6225 per ounce.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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