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Economist Peter Schiff’s warning to ‘ignorant’ young people preferring Bitcoin

Economist Peter Schiff’s warning to ‘ignorant’ young people preferring Bitcoin

Bitcoin (BTC) has evolved over the years, with the maiden cryptocurrency currently trading above the $70,000 mark in pursuit of another all-time high. Throughout Bitcoin’s journey, the cryptocurrency has been predominantly associated with young people, possibly due to its digital nature.

Addressing this trend, economist and Bitcoin skeptic Peter Schiff has warned young people that their preference for the digital asset over gold could have consequences in the future. 

In a post on X (formerly Twitter) on March 31, Schiff suggested that Bitcoin’s popularity among young people stems mainly from “ignorance and lack of experience.” 

Notably, he emphasized the importance of wisdom acquired with age, indicating that as young investors mature, they may ultimately lean towards gold as a more enduring asset.

“The reason young people prefer #Bitcoin to #gold, other than ignorance and lack of experience, is that during their short lifetimes, Bitcoin is up much more than gold. But by the time they gain the wisdom that comes with age, Bitcoin will have collapsed and they will prefer gold,” he said. 

Notably, along with Bitcoin’s popularity among young people, similar demographics are also displaying growing interest in the precious metals. As reported by Finbold, young Chinese investors are acquiring gold bars and other gold jewelry for wealth protection, particularly when the country continues to have a contentious regulatory stance towards cryptocurrencies.

Schiff’s persistent Bitcoin criticism

Schiff’s statement highlights his persistent skepticism towards Bitcoin, aligning with his longstanding advocacy for gold as a reliable store of value. Despite his ongoing criticism, Bitcoin has embarked on a bullish run in 2024, reaching two all-time highs within days.

Nevertheless, the economist has cautioned that while Bitcoin’s price surge may appear impressive, its long-term sustainability and intrinsic value remain subject to contention. 

Schiff has maintained that Bitcoin’s success hinges on the buying pressure for the asset, which he argues makes it a risky investment compared to other tangible assets such as real estate.

“The truth is the real success of Bitcoin rests on more people buying it. If you own it, you need to get many of your friends or colleagues to buy it because that’s the only way its prices go up. Bitcoin is not an asset like real estate where you can collect rent, stocks where you could collect a dividend or bonds where you get paid interest,” he said. 

Elsewhere, the gold bug has previously stated that he regrets not buying the asset back in 2010 when it was undervalued. His primary aim at that time was to cash in.

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