A well-known financial expert and Bitcoin (BTC) with a critic Peter Schiff, In a recent tweet, he warned that Bitcoin is on the verge of a significant decline.
Peter Schiff Warns Bitcoin (BTC) Will “Crash Hard”
Schiff expressed his belief that risk assets will “collapse hard” and that Bitcoin will lead the decline.
I think risk assets will soon breakdown hard, led lower by #Bitcoin. #inflation hedges are about to breakout, lead higher by precious metals miners. As I titled my last podcast, #gold stocks are the new tech #stocks. Either prepare for this new reality or suffer the consequences.
— Peter Schiff (@PeterSchiff) April 3, 2023
At the same time, he predicts that precious metal miners will experience an exit and gold stocks will become new technology stocks.
Schiff’s tweet came as Bitcoin was trading at $28,050.
Schiff has expressed skepticism about Bitcoin’s potential as a long-term investment.
In his previous tweets, he argued that despite Bitcoin’s 20% rise following the US Federal Reserve’s policy change, gold remains a better inflation hedge.
He claimed that gold’s modest rise was more sustainable than Bitcoin’s headline-grabbing rally.
Schiff also states that Bitcoin is less traded compared to gold, which may contribute to Bitcoin’s vulnerability.
He even invited Bitcoin advocates like MicroStrategy CEO Michael Saylor to consider what to do when Bitcoin’s value drops below $3,800, which is much lower than its current value.
Peter Schiff recently criticized some of the actions of Fed Chairman Jerome Powell.
*Not investment advice.
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