Economist Gold expert Peter Schiff has cautioned that the prices of bitcoin may not necessarily rise when other financial assets rally. This is despite the fact that cryptocurrencies have been declining in tandem with them. “The bitcoin bubble has burst and holders will sell no matter what happens to financial assets,” He predicted.
Peter Schiff’s View on Bitcoin
Economist Gold expert Peter Schiff took to Twitter this week to share his thoughts on the future of bitcoin and other cryptocurrencies. On Monday, he posted:
Just Because Bitcoin didn’t fall with financial assets, that doesn’t mean it will rise while they recover.
“Bitcoin is not a financial asset. It is a collectible digital token,” Schiff continued. “The bitcoin bubble has burst and holders will sell no matter what happens to financial assets.”
The An economist believes that bitcoin is not rare despite its limit of 21,000,000 cryptocurrencies. In Reply to a Tweet Tuesday BTC, however, is not. “the rarest and most desirable asset the world has ever seen,” Schiff said:
Bitcoin It is rare and not desirable. If There are many ways you can lose your money. You Don’t buy bitcoins.
In Reply to another tweet that claimed that bitcoin is more dangerous than digital gold. Schiff BTC was labelled as “more like a fool’s asset.” He stated: “So The price of bitcoin will rise as long as people can afford it. Unfortunately For bitcoin HOLDERS: Although there are many fools out there, I don’t think there are many people who are willing to buy bitcoin if they don’t already have it.
Schiff is currently the founder and chairman of Schiffgold, a precious metals dealer that specializes in silver and gold bullion. He has been a bitcoin skeptic for a long time. He regularly criticizes crypto while supporting gold.
Commenting on the FTX crash and subsequent calls to strengthen crypto regulation. Schiff Tweeted on Monday:
It is ironic, then, that large crypto players are looking to the government for more regulation to save their industry.
“This goes against the very core of the original promise of Bitcoin, which was to be the free market alternative to the corrupt government fiat monetary system,” He added.
In November, Schiff noted Bitcoin BTC has a long way to go, with a value of $10K for BTC. He also believes that the US Dollar will crash and the actions taken by the Federal Reserve will cause a catastrophic financial crisis.
What do you think of Peter Schiff’s comments? Let us know what you think in the comments section.
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