Metalworm and economist Peter Schiff Bitcoin’s price may not rise even as other financial assets recover. “As the Bitcoin bubble bursts, collectors will sell their financial assets no matter what happens,” he predicted.
Peter Schiff’s Outlook on Bitcoin
Economist and money bug Peter Schiff shared his thoughts on the future of Bitcoin and cryptocurrencies in a series of tweets this week. shared. He wrote on Monday:
The fact that Bitcoin fell with financial assets does not mean that they will rise when those markets change.
“Bitcoin is not a financial asset. It is a collectible digital token,” Schiff continues. “No matter what happens to financial assets as the bitcoin bubble bursts, collectors will continue to sell.”
The economist also said that despite the cryptocurrency’s cap on supply, which he says is 21 million, We believe there is no shortage of Bitcoin. In response to Tuesday’s tweet that said BTC was “the rarest and most desirable asset the world has ever seen,” Schiff said:
. If you want to lose money, there are many ways to do it. No need to buy bitcoin.
Bitcoin is digital He replied to another tweet claiming that he is a risk asset, not gold, Schiff said BTC is “similar to a fool’s asset.” I am,” he claimed. He affirmed: Unfortunately for bitcoin holders, the world is full of idiots, but I don’t think many are willing to buy bitcoins they don’t already own.
Schiff is the founder and current Chairman of Schiffgold, a precious metals dealer specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly bashing crypto while pitching gold.
Regarding the collapse of FTX and subsequent calls for stronger crypto regulation, Schiff tweeted on Monday:
Crypto giants to save industry It’s ironic that we expect governments to impose additional regulations.
“This goes against the core of Bitcoin’s original promise to be a free market alternative to corrupt government fiat currency systems,” he added.
In November, Schiff warned that Bitcoin has a long way to go down, withBTC valued at $10,000 by him. He also believes the US dollar will crash and the Federal Reserve’s actions will lead to a massive financial crisis.
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