Peter Schiff's bombastic rhetoric highlights multiple "bad takes" espoused by bitcoin critics personifying "Bitcoin Derangement Syndrome"

The following, authored by Guy Malone, was originally published Feb. 27 on the Bitcoin News Inc. website and is reprinted by permission for Daily Record

Ardent defender of “stacking gold” as a long-term store of value and a gold merchant himself, Peter Schiff frequently defends his gold-selling business and thesis by debating against bitcoin’s merit regularly at events, televised interviews and especially on social media.

The bitcoin “perma-bear” never misses an opportunity to make derogatory statements about bitcoin and wasted no time taking an excuse to gloat recently when the cryptocurrency market experienced a recent price dip, posting on social media, “I love the sound of a Bitcoin crash in the morning.”

Schiff’s post quickly saw over 2,500 comments in response, many from the pro-bitcoin community, who have enjoyed years of bitcoin debate, banter and roasting of the goldbug.

X user PaxB replied to Schiff regarding this most recent bitcoin “crash,” saying, “Bitcoin has been crashing upwards for over 16 years now.”

Yours truly also wasted no time in replying to Schiff’s dig, posting a screenshot of my very first bitcoin purchase from 2016, likewise challenging Schiff’s short-sighted jab, saying, “Dude, my bitcoin has crashed from $400 to $100,000 since I first bought some … How has gold done in that amount of time? Since the 1930s even?”

Answering my own question, ChatGPT was able to provide a comparison chart of just how great the difference in gold’s performance since the 1930s actually is, in comparison to bitcoin’s price since it was created, only 16 years ago.

Since Executive Order 6102 was signed on April 5, 1933, by President Franklin D. Roosevelt, requiring citizens to surrender their personal gold to the government at $20.67 per ounce, ChatGPT details that worldwide, the dollar price of gold has since risen over 9,500%.

An impressive number to be sure, at least until compared to bitcoin.

While gold has taken over 90 years to see 9,500% price appreciation, in just 16 years bitcoin’s price has conversely increased by a near-unfathomable almost 12 billion percent, 11,874,999,900%, the AI computed.