Bitcoin evangelist Peter McCormack has slammed gold bug Peter Schiff as a “nasty” human in his social media post.
“The thing that I despise most about Schiff is that he is a nasty human. So many people have worked so hard to save money and invest in their future and the future of their family,” McCormack said following Schiff’s most recent attack against Bitcoin.
Earlier this week, Bitcoin experienced a dramatic price drop, briefly nose-diving below the $81,000
Schiff’s schadenfreude was glaringly obvious during the crash, with the gold bug not even trying to hide his glee on social media.
The financial commentator is busy reveling in Bitcoin’s downfall, predicting that the leading cryptocurrency will manage to log a new record high only if there is a US government bailout.
In his most recent social media post, which has prompted McCormack’s response, Schiff now claims that the political incentive to back Bitcoin will not erode following the most recent price crash.
“As the price drops, the whales will have less money to donate, and voters will be looking for someone to blame for their losses. Once political support is gone, the bubble will deflate even faster,” Schiff said.
Schiff has also predicted that Bitcoin’s future sell-off will be even bigger, given that a significant portion of Bitcoin’s supply is moving from strong hands to weak hands.
More backlash
Schiff is now facing more backlash following his anti-Bitcoin comments.
“He has cost gold people who listened to him millions of dollars of lost profit. He shows zero shame for this,” investment manager Lawrence Lepard said.
Even though gold has vastly outperformed Bitcoin this year, it is still lagging behind the leading cryptocurrency on higher time frames.