Peter Schiff Accuses CNBC of Bitcoin Bias as Tom Lee Claims BTC Could See 200% Growth

Key Takeaways

• Peter Schiff criticized CNBC for focusing connected Bitcoin portion overlooking important gains successful golden and silver.

• Despite caller terms weakness, Tom Lee argued that Bitcoin’s semipermanent fundamentals stay strong.

• Gold eased somewhat aft a beardown rally, portion Bitcoin continued to slide.

Gold advocator Peter Schiff accused CNBC and its flagship amusement Squawk Box of biased sum toward Bitcoin connected Tuesday, arguing that the fiscal web downplayed gains successful precious metals portion continuing to absorption connected integer assets contempt a crisp downturn successful prices.

The disapproval came arsenic Fundstrat’s Tom Lee appeared connected the program, claiming that “the champion days are ahead” for crypto and that Bitcoin could spot a whopping 200% summation successful adoption.

Famed Bitcoin professional Schiff said successful a station connected X that CNBC ignored a rally successful precious metals portion devoting airtime to Bitcoin.

“Gold is up implicit $40 this greeting and metallic is up astir $2, yet @SquawkCNBC has not adjacent mentioned either metal,” Schiff wrote.

He added: “However, they person talked extensively astir Bitcoin, contempt the information that it’s somewhat beneath wherever it was trading erstwhile U.S. markets closed connected Friday.”

When asked wherefore golden was receiving little attraction contempt outperforming, Schiff blamed some a deficiency of knowing and commercialized incentives successful fiscal media.

“Because the fiscal media doesn’t recognize golden oregon Bitcoin,” helium wrote successful a follow-up post.

He added: “Plus, their advertisers are chiefly crypto companies, who privation their assemblage to bargain Bitcoin alternatively of gold.”

CCN has contacted CNBC for comment.

Appearing connected Squawk Box the aforesaid day, Tom Lee, caput of probe astatine Fundstrat Global Advisors, acknowledged increasing skepticism astir Bitcoin but said the semipermanent outlook remained constructive.

“In presumption of the skepticism present astir the Bitcoin, I mean, it’s been a juggernaut,” Lee said, adding that investors were present trying to find “what’s the due terms to put” connected the asset.

Lee cited profit-taking, concerns astir quantum computing, and what helium described arsenic a “huge deleveraging lawsuit connected October 10” arsenic factors weighing connected prices.

Still, helium said the broader crypto communicative remained intact.

“The crypto cardinal story, it’s exiting connected a truly precocious enactment this year,” Lee said, pointing to much favorable U.S. authorities and Wall Street’s increasing interest.

Lee besides argued that Bitcoin’s semipermanent maturation imaginable remained substantial, contempt its constricted existent adoption.

“Well, successful crypto, the champion years are decidedly due to the fact that today, there’s lone 4 cardinal Bitcoin wallets with $10,000 successful it,” Lee said.