Peter Schiff who is popularly known as Gold Bug was engaged in a series of arguments on twitter with American investor and co-founder of Morgan Creek Digital Assets Anthony Pompliano.
Initially, Pomp had stated that even if bitcoin dipped by 50%, it would still be outperforming many other assets.
Peter Schiff Responded to Pomp’s tweet, saying, Bitcoin’s decline was going to be much greater than 50% for bitcoin holders.
Further, Pomp said that the next 50% drawdown will be after Bitcoin has appreciated hundreds of percent from here. Remember, it is already up 200% this year. Moreover, he also congratulated Schiff saying,
I heard gold had a big day recently though — moved 2%. Congratulations.
Additionally, Pomp claimed that Bitcoin has been the best performing asset of the last decade. In fact, it is the best performing asset in history. He also said schiff to argue anything other than Bitcoin’s performance.
In response to this, schiff said, bitcoin will likely be the worst performing assets over the next decade.
Schiff stated :
I will give you that its been the best performing asset of the last decade. Congratulations for having owned it. But it will likely be the worst performing assets over the next decade (some other cryptos may beat it). So I really should hold my congratulation until you sell!
Pomp replied by placing $100k bet put each (in the form of gold and bitcoin) in escrow for 10 years. The asset which performs better, in terms of Returns On Investments (ROI) at the end of the period wins the bet in a winner takes all arrangement. However, Still Schiff has not responded if he is in for the bet.