Bitcoin evangelist Peter McCormack slammed gold bug Peter Schiff plays a “nasty” person in his social media posts.
“The thing I most despise about Schiff is that he’s a mean person. So many people have worked hard to save money and invest in their futures and their families’ futures,” McCormack said in response to Schiff’s recent attacks on Bitcoin.
Earlier this week, Bitcoin experienced a dramatic price drop, briefly dropping below $81,000.
Schiff’s schadenfreude was evident during the accident, and the goldbug didn’t even try to hide his glee on social media.
Financial pundits are busy celebrating Bitcoin’s decline, predict Major cryptocurrencies can only reach new record highs if there is a bailout from the US government.
In the latest social media post that prompted a reaction from McCormack, Schiff now insists that the political incentives to support Bitcoin remain intact following the recent price crash.
“When prices fall, there is less money available to give to whales, and voters look for someone to blame for whale losses. When political support disappears, the bubble will deflate even faster,” Schiff said.
Schiff also predicted that future declines in Bitcoin will be even larger, given that a large portion of Bitcoin’s supply is shifting from strong hands to weak hands.
further backlash
Schiff is currently facing further backlash following his anti-Bitcoin comments.
“He cost millions of dollars in lost profits to the gold people who listened to him, and he has no shame whatsoever about this,” investment manager Lawrence Leppard said.
While gold has significantly outperformed Bitcoin this year, it still lags the major cryptocurrencies over longer time frames.
