Peter Schiff suggests that Ethereum broke Bitcoin
Euro Pacific Capital’s Peter Schiff used the Bitcoiners’ own logic against them, arguing that Ethereum is a superior store of value over Bitcoin because of its price performance in 2021.
Bitcoin pumpers claim that #Bitcoin is better store of value #Yellow because its price has risen faster than the price of gold. According to this logic # Ether is a better store of value than Bitcoin. If Bitcoin is Gold 2.0, then Ether is Bitcoin 2.0. Did Ether Broke Bitcoin?
– Peter Schiff (@PeterSchiff) December 6, 2021
The Golden Bug named the second largest cryptocurrency “Bitcoin 2.0” in its latest tweet.
He also suggested that Bitcoin may have been disrupted by its biggest competitor.
Prominent members of the Ethereum community found that they were okay with Schiff, which believed his arguments.
Spencer Peter Schiff, the son of the famous economist, sees Bitcoin very differently and often refutes his father’s disparaging statements about the largest cryptocurrency on Twitter.
In a new tweet, he suggests that the Dogecoin meme cryptocurrency outperformed both Bitcoin and Ether, making it arguably a better store of value than the two largest cryptocurrencies.
Meme coins and play-for-money have overtaken the rest of the market this year, with Shiba Inu alone up 270,000%.
Bitcoin and Ethereum are up 48% and 325% respectively this year, modest increases by today’s crypto standards.
Gold is down 6.20% so far, which is ridiculous for crypto investors enjoying the latest bull market cycle.
El Salvador’s President Nayib Bukele, recently criticized by Schiff for wasting taxpayers’ money on Bitcoin, hit back the “boomers” by pointing out that the tropical country’s gold reserves were only down by zero, 37% versus one Years have grown.
We’ve been green in less than 24 hours since our last purchase.
You know, we have 44,106 ounces of gold in stock.
Valued at $ 79 million, 0.37% less than last year.
If we sold and bought it a year ago #Bitcoin, it will now be valued at $ 204 million. https://t.co/e5z9cVsfjg
– Nayib Bukele (@nayibbukele) December 4, 2021
In a follow-up tweet, Bukele revealed that he was buying bitcoin directly from his phone on behalf of El Salvador.