Well-known gold enthusiast and cryptocurrency skeptic Peter Schiff on Thursday stirred the hornet's nest, suggesting that the weakness in gold stocks is due to investors flocking to spot Bitcoin (CRYPTO: BTC) ETFs.
This bold statement has ignited a fiery debate across the Twitterverse, with the crypto community seizing the opportunity to roast Schiff's predictions.
What Happened: Catalyst, Rising Action
Schiff said Bitcoin has become a direct bet against gold, predicting a scenario where gold will eventually break out, funded ironically by the sell-off in Bitcoin ETFs.
He further speculated that this sell-off would lead to a crash in Bitcoin's value, leaving investors with less capital to return to gold stocks.
This perspective, however, was met with skepticism and humor from ...