Famous economist Peter Schiff, who is known for his arch-enemy to Bitcoin, says he does not like BTC, but he does not let it go.
Gold defender Schiff, who constantly shares about Bitcoin, again targeted Bitcoin.
Posting on Twitter, Peter Schiff claimed that the leading cryptocurrency BTC has failed as any asset, including a safe-haven asset, store of value, or risk-based investment vehicle.
The famous economist also underlined that Bitcoin has failed in terms of being digital gold.
Stating that the value people get with the risks they take in BTC investments is not the same, Schiff said:
“If Bitcoin is a risk asset, what exactly is it worth?
If investors are willing to take risks, there are many superior alternatives to BTC. Bitcoin has already failed as a currency and digital gold.
Nor will it be successful as a risk asset.”
A user is under Schiff’s post. “Bitcoin is not a risk asset. It is traded as a short-term risk asset. Those who understand this technology (obviously not you) understand that it is a safe haven from the continued depreciation of fiat currencies, which is the opposite of a risk asset.” commented as.
The famous name that immediately responded to this “In what way has Bitcoin acted as a safe haven? People are losing more money on Bitcoin than any other class of “assets.” said.
It’s not a risk asset. It trades like a risk asset short term. Those who understand this technology (clearly not you) understand it’s a safe haven against the continuous debasement of fiat currencies, which is the complete opposite to a risk asset.
— John Scavone (@John_Scavone) January 3, 2023
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