Anthony Pompliano, CEO of Professional Capital Management, challenged Bitcoin (CRYPTO: BTC) skeptic Peter Schiff with an interesting bet on a podcast that aired Thursday.
Will Schiff Put A Bitcoin on the Line?
During the Pomp podcast, Pompliano proposed a friendly five-year bet on Bitcoin versus gold. If Bitcoin beats gold, Schiff sends Pompliano 1 BTC. If gold outperforms Bitcoin, Pompliano will send Schiff 1 BTC.
But Schiff said he doesn’t have any Bitcoin.
“I’d have to go buy you a Bitcoin. I don’t know cos what if it goes up? I’m like unhedged on that,” the economist chuckled.
While Schiff remains confident that Bitcoin will underperform, he noted that buying BTC now for the bet would put him in trouble if the price declines.
“I’ll think about it,” Schiff replied rather reluctantly when asked if the bet was on.
What History Tells Us
Gold has delivered far stronger returns than Bitcoin over the past five years. However, shorten the timeframe to four years and things change drastically. Then Bitcoin takes the lead over the yellow metal.
| Asset | 5-Year Gains +/- | 4-Year Gains +/- |
|---|---|---|
| Bitcoin | +79% | +198% |
| Spot Gold |
+124% | +135% |
Schiff Remains A Skeptic
The banter between Schiff and Pompliano has been going on for some time now. Back in June, Pompliano got Schiff to admit that Bitcoin isn’t literally going to zero, framing it as a gotcha moment.
Schiff has a long track record of calling Bitcoin a “bubble” and leads the pack in Bitcoin obituaries, having declared it ‘dead’ as many as 23 times.
His view is that while Bitcoin going to zero in the future is “highly unlikely,” for all practical purposes it will “feel like zero.”
Price Action: At the time of writing, BTC was exchanging hands at $65,418.30, down 0.50% over the last 24 hours, according to data from Benzinga Pro.
Photo: Hi my name is Jacco on Shutterstock.com
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