In a recent Twitter post, gold expert Peter Schiff said, cryptocurrency after investors’ 30% rally in January Bitcoin (BTC) He suggested that they should sell their assets.
The famous economist has been voicing his criticisms of Bitcoin and other cryptocurrencies for years. He believes that Bitcoin is little more than a speculative asset with no real underlying value and cryptocurrencies are doomed to fail.
Schiff also argues that Bitcoin is not real money as it cannot be reliably used as a store of value due to its extreme volatility and inability to retain its value over time. Ultimately, he sees cryptocurrencies as nothing more than an elaborate pyramid scheme with the potential to harm global economies.
Peter Schiff Tacks Bitcoin Bulls Again
Schiff, in his statement recently, said that when the BTC price was $ 18,000, crypto users should sell while there was a ready rally. BTC price gained approximately 30% after this level.
Imagine allowing crypto to rally 30% in a week and then not sell it. Wait, you won’t have to imagine that, he will experience it.
— Peter Schiff (@PeterSchiff) January 24, 2023
Despite this, Schiff doesn’t seem to have given up on the bear’s favor. Schiff defended his view that crypto investors should sell their BTC holdings before the 30% rise:
“Imagine if crypto goes up 30% in a week and then you don’t sell. Wait, you won’t have to imagine it, you will experience it.”
A staunch gold advocate, Peter Schiff’s bank in Puerto Rico was filed for bankruptcy by the authorities. Schiff argues that the bank is still salvageable.
*Not investment advice.
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