Black Friday Could Crush Retail but It’s Unlikely to Derail the Dow Jones
- Bitcoin maximalist Anthony Pompliano claims he will never bail out of his long positions.
- Gold cheerleader Peter Schiff likens this to a Titanic captain – loyal but misguided.
- Even with its recent price plunge, bitcoin is still massively outperforming gold.
At What Point Will Bitcoin Maximalists Capitulate?
Peter Schiff never passes up a good opportunity to roast bitcoiners. The flagship cryptocurrency’s unexpected decline in the second half of this year has not gone unnoticed for (arguably) gold’s biggest cheerleader.
But maximalists like Anthony ‘Pomp’ Pompliano of Morgan Creek Digital are serious “hodlers” of last resort. And when speculators ask at what point Pomp will be shaken out of this interim bear market, his only response is: “Impossible.”
Bitcoiners Are Going Down With the Ship
Pomp has reason to be a maximalist. Earlier this year, he proclaimed that he had placed a staggering 50% of his net worth in bitcoin. He was promptly shamed for doing so.
And Schiff is inclined to agree. Last month he insinuated that bitcoin is nothing more than a pump and dump scheme designed simply for whales to offload their heavy bags.
He nevertheless gave credit to this Titanic captain, arguing that, at his age, he can still recoup the devastating losses:
Bitcoin vs Gold – by the Numbers
As Pomp so poignantly points out though, bitcoin’s gains this year still outpace gold in the last decade.
It’s difficult to articulate since bitcoin has rallied several hundred thousand percent from a starting price of zero to today’s price. It currently hovers near $7,100. By comparison, gold is up roughly 27% percent in the same time frame but at about one-fifth of the price.
More recently, a simple percentage chart shows that even with a recent sub-$7,000 price plunge, crypto’s first-mover still outshines the ancient yellow metal some 14-fold in 2019.
Schiff, who owns his own gold and silver brokerage, naturally wants to pump his own product.
But if there’s only one thing any astute investor should have learned from him by now, it’s this: following his calls religiously since 2011 would have cost you 44,400% in bitcoin gains.