Renowned Bitcoin critic Peter Schiff, in an interview with TD Ameritrade Network on Thursday, in his view cryptocurrency urged its investors to sell their holdings and invest their profits in physical gold before losing everything.
Peter Schiff Warns Cryptocurrency and Bitcoin Users
“My advice to people in cryptocurrencies is to get out. You can still get almost $17,000 for your worthless Bitcoin. I suggest you buy this and buy some gold,” he said.
According to him, Bitcoin is not a viable investment option for those seeking long-term store of value or hedge against inflation. Schiff said, “It has no value. It has lost two-thirds of its market price.” said.
Coiners – There’s still time to sell your #btc and recoup some losses before it heads to $0, says @PeterSchiff:
— TD Ameritrade Network (@TDANetwork) December 29, 2022
This recommendation comes after the recent market uncertainty stemming from the collapse of the FTX stock market.
Schiff has repeatedly been strongly opposed to Bitcoin and other cryptocurrencies, citing a lack of intrinsic value and excessive volatility as his main concerns. Schiff believes that gold is a much safer, more reliable long-term store of value and has greater potential for reliable gains in the future.
Ultimately, Schiff believes, gold offers much better protection against economic downturns because he believes it retains its intrinsic value even when markets crash, whereas cryptocurrencies like Bitcoin offer little assurance in this regard.
“If you are really looking for an alternative to the US dollar to store value and hedge against inflation, gold will meet those requirements,” Schiff said, adding that Bitcoin does not meet “any requirement.”
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!