Shiba Inu ‘Has A Much Real Value As Bitcoin’, Staunch Crypto Critic Peter Schiff Avers

Shiba Inu ‘Has A Much Real Value As Bitcoin’, Staunch Crypto Critic Peter Schiff Avers
Shiba Inu 'Has A Much Real Value As Bitcoin', Staunch Crypto Critic Peter Schiff Avers

Key takeaways

  • CEO of Euro Pacific Capital and popular goldbug, Peter Schiff calls Shiba Inu worthless.
  • SHIB’s recent rally has made it gain popularity.
  • Peter Schiff has also stated that gold is seeing a resurgence that is bad news for Bitcoin.

The recent success of Shiba Inu (SHIB) has not been enough to convince skeptics that the meme coin may be becoming serious business. The CEO of Euro Pacific Capital Peter Schiff, who is noted as being a vocal Bitcoin opposer, took some time out to rain in the SHIB parade stating that it was about as valuable as Bitcoin – in essence, completely useless.

This was in response to a comment on Twitter by a SHIB proponent that suggested that him finding out about the joke coin would convince him to change his stance on cryptocurrencies.

“I already know about it [SHIB]. It has as much real value as Bitcoin,” Schiff said.

The meme coin Shiba Inu has been in the spotlight recently, having grown massively recently. Added to its market performance, it has also displaced its rival Dogecoin ($DOGE) and other popular cryptocurrencies including Bitcoin as the most commonly discussed cryptocurrency on Twitter according to data from industry analytics firm CoinTrendz. SHIB however is trading around $0.000024, down 15% on the day.

Notably, the conversation that warranted Schiff’s comment on SHIB was about how Bitcoin proponents including Mike Novogratz and Michael Saylor had allegedly turned down opportunities to debate gold proponents about the intrinsic value of gold.

Today, Schiff has returned to his old ways and taken another jab at Bitcoin. In the past few days, Schiff has decried the situation of things in the U.S. with inflation. Today, the gold bug declared that gold had begun to come to the rescue of the inflation situation, as it was beginning to take off. He added that the gold rally was also bad news for Bitcoin.

“Gold finally rallied following worse than expected inflation data. If investors now realize that bad news on inflation is good news for gold, the rally has a long way to go. It’s also bad news for Bitcoin. If real gold is rising there’s no need to settle for a cheap imitation.”

The gold surge he talks about has been noted by observers; the surge in question was not that impressive compared to Bitcoin’s recent track record. Ironically, Peter Schiff’s son Spencer Schiff was among the onlookers downplaying the gold surge. Spencer Schiff, who unlike his father is a professed Bitcoiner, congratulated his father for the “2% price surge,” calling it a “momentous occasion for gold.”

Meanwhile, data shows that the gold surge brought only little change to the gold market. Gold’s return on investment in the last year is still a negative 6%. Gold is currently trading at around $1,795 up 0.18% in the day.