Although Bitcoin (BTC) has grown its price by over 50% this year, American economist and gold bug Peter Schiff continues to show contempt toward the world’s number one cryptocurrency, urging Bitcoin holders to sell their digital assets and buy some gold and silver – on his website.
Indeed, Schiff stated that the time might be running out to sell Bitcoin and buy the precious metals at favorable prices, coincidentally available through his platform SchiffGold, otherwise, those who fail to do so now risk staying poor, according to his X post on April 4.
Furthermore, responding to a comment by Trey Sellers, a Bitcoin enthusiast and the VP of Enterprise Sales at Bitcoin financial services platform Unchained that “Bitcoin is freedom money” and he should embrace it, the economist said that it would instead “free you from your money.”
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Peter Schiff: Bitcoin’s ‘catastrophic crash’
As a reminder, Schiff has maintained that Bitcoin was likely to collapse while dismissing products such as the Bitcoin spot exchange-traded funds (ETFs) as one of the factors that would contribute to its demise due to more BTC entering spot BTC ETFs approved this year.
More recently, the economist bashed Bitcoin as a “fake asset,” arguing that the popular opinion that its risk was “in the eye of the HODLer” was “crazy,” and praising silver as a much better alternative, referring to it as “the new Bitcoin” and “Bitcoin 2.0,” as Finbold reported on April 3.
Shortly before that, he extolled gold as far superior to the flagship decentralized finance (DeFi) asset, pointing out that the fact that Bitcoin had not yet managed to hit a new all-time high (ATH) priced in gold diminished its ‘digital gold’ argument, despite reaching an ATH in US dollars.
On top of that, Schiff has also warned young people that their preference for the maiden crypto asset over gold could have consequences in the future, voicing his opinion that Bitcoin owed its popularity among the younger generations to their “ignorance and lack of experience.”
Indeed, according to him:
“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.”
Elsewhere, Robert Kiyosaki, the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ has criticized Schiff for his purported limited understanding of financial principles, accusing him of staying in Puerto Rico, alongside other “money experts” because of their poor expertise.
Bitcoin price prediction
Meanwhile, Bitcoin was at press time changing hands at $67,283, recording an increase of 2.06% in the last 24 hours, declining 4.63% across the previous seven days, advancing 0.07% over the past month, as well as growing 56.51% since the year’s start, as per data on April 4.
It is also worth mentioning that several crypto trading experts have offered the BTC price prediction between $100,000 this year and a massive $1,000,000 in 2025. However, doing one’s own research and weighing all the risks is critical before investing any significant amount of money.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
