Benzinga - by Chris Katje, Benzinga Staff Writer.
Bitcoin (CRYPTO: BTC) bull and Morgan Creek Capital CEO Mark Yusko is putting his money where his mouth is with a challenge proposed to one of the most notorious Bitcoin bears.
What Happened: Gold bull and Bitcoin skeptic Peter Schiff took to X, formerly known as Twitter, on April 19 — after the Bitcoin halving.
"I think halving is an appropriate name for what's happening as soon Bitcoin HODLers will experience a halving of their net worths," Schiff said.
Congratulations Bitcoiners on the #Halving. Are you guys commemorating this occasion by throwing parties tonight? I haven't been invited to any. I think halving is an appropriate name for what's happening as soon #Bitcoin #HODLers will experience a halving of their net worths.— Peter Schiff (@PeterSchiff) April 20, 2024
Schiff also asked if Bitcoiners were holding any parties, joking that he wasn't invited to any.
Yusko didn't take kindly to the mocking of Bitcoiners by Schiff and issued a public challenge via social media.
"Peter, we are all so sick of your BS…Time for #MoneyWhereYourMouthIs $1MM Charity Bet (Buffett Style) right now I take $BTC and you take $GOLD from today for next 5 years," Yusko tweeted.
Yusko asked everyone to retweet the challenge and get the hashtag #ShutSchiffUpBet trending.
Another tweet from Yusko on the challenge pitted it as "Bitcoin vs. BoomerRocks."
Schiff has not responded to the challenge publicly as of the time of writing.
Related Link: If You Invested $1,000 In Bitcoin During The May 2020 Bitcoin Halving, Here’s How Much You’d Have Now
Why It's Important: While mocking the Bitcoin halving event, one user was quick to point out a tweet from Schiff that came on May 9, 2020 ahead of the last Bitcoin halving event.
"Looks like some of the Bitcoin speculators who bought in anticipation of the halving couldn't wait for the actual fact to start selling," Schiff tweeted on May 9, 2020. "As more sellers jump the gun, by the time the fact occurs, the profits those buying the rumor were hoping to cash in on may already be gone."
At the time, Bitcoin traded at $9,913.86 and gold traded at $1,704.66. Bitcoin went on to increased 566.7% since that time, while gold is up 35.8% over the same time period.
"You said this at 1.00, 10.00, 100.00, 1000.00, 10,000, 50,000 and will be saying it when BTC is 1 million dollars per coin. All those poor people that listened to you and stayed in the Gold that you sell. Unreal dude," on users tweeted.
Schiff has famously warned investors against Bitcoin over the years. Recently, he cautioned investors looking at "risk assets" like Bitcoin and tech stocks with higher concerns on inflation and recommended his favorite asset instead.
"Investors should be buying gold," he said.
Yusko has a price target of $150,000 for Bitcoin over the next year.
A potential charity bet would echo one made by legendary investor Warren Buffett who famously bet $1 million that the S&P 500 would outperform hedge funds over a 10-year time frame. Buffett won the bet from 2007 to 2017.
Read Next: If You Invested $1,000 In Bitcoin When Mark Yusko Said ‘Buy It,’ On TV, Here’s How Much You’d Have Today
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