How Dogecoin Found An Unlikely 'Supporter' In Gold Bug Peter Schiff
Dogecoin (DOGE) has received ample attention from gold bug Peter Schiff on social media who theorized that the meme cryptocurrency "is eating" Bitcoin (BTC).
What Happened: Schiff said on Twitter that those BTC pumpers who claim that BTC is better than gold because its price has risen more than gold “must now concede that Dogecoin is better than Bitcoin.”
Schiff said that BTC has lost 97% of its value versus DOGE — adding, “The market has spoken. Dogecoin is eating Bitcoin.”
As of the start of 2021 — DOGE has risen 7,724.77%, BTC has risen 88.64%, and Spot Gold has fallen 6.76%.
DOGE traded 22.88% higher at $0.38 on a 24-hour basis, Bitcoin was down 1.35% at $55,044.37. Spot Gold was down 0.008 at $1,770.04 per ounce.
See Also: How to Buy Dogecoin (DOGE)
Schiff had a stark warning for so-called Bitcoin holders — investors who adopt a buy and hold strategy.
Dogecoin may have been created as a joke, but all cryptos are jokes. The problem is that the Kool-Aid drinkers don't get it yet. The irony is that #Dogecoin may end up being the punchline to the joke known as #Bitcoin. But instead of laughing Bitcoin HODLers will be left crying.
— Peter Schiff (@PeterSchiff) April 16, 2021
Why It Matters: The financial commentator took a dig at Bitcoin investors implying that the cryptocurrency has gone out of fashion.
Bitcoin just isn't cool anymore. Who wants to own the same old-fashioned crypto currency that their grandparents own? Who wants to own the same crypto currency that hedge funds and Wall Street investment banks own? #Dogecoin is hip. #Bitcoin is for squares. Get with it HODLers!
— Peter Schiff (@PeterSchiff) April 17, 2021
“Bitcoin had its day just like gold did. But now the torch has been passed to something newer and better suited for the modern meme investment style,” said Schiff separately.
“#Dodgecoin is the new kid on the block that captures the digital zeitgeist. #Bitcoin was the new #gold. Now it's the old Dogecoin.”
Schiff dedicated a podcast to the joke cryptocurrency titled “Is Dogecoin the New Bitcoin” last week.
While Schiff may be a gold enthusiast, his son Spencer Schiff is “all in” on BTC.
My son @SpencerKSchiff went all in on #Bitcoin on the last drop below $50k. 100% of his portfolio is now in Bitcoin. He sold the last of his #silver stocks to raise the cash. If my own son is this brainwashed imagine how vulnerable most kids are. He's HODLing to infinity or bust.
— Peter Schiff (@PeterSchiff) March 10, 2021
Meanwhile, social media adherents of Dogecoin are pushing for the cryptocurrency to hit 69 cents on Tuesday in honor of ‘Doge Day.’
Benzinga's Take: While Schiff hasn't clarified, his support for Dogecoin, in all likelihood, is simply sarcastic. Bitcoin adherents have long clashed with Schiff over what they say is his invalid criticism of Bitcoin and the latter is likely using the Dogecoin rally as an opportunity to hit back at the supports of the world's apex cryptocurrency.
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