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US economist slams Bitcoin as ‘fake asset’ despite 50% rise in 2024

US economist slams Bitcoin as ‘fake asset’ despite 50% rise in 2024

Despite Bitcoin (BTC) increasing its price by more than 50% in 2024, one of its most vocal opponents, economist and gold bug Peter Schiff, continues to criticize it, recently bashing the maiden cryptocurrency as a “fake asset,” as well as praising silver as a much better alternative.

Indeed, Schiff recently stated his opinion that “CNBC can’t figure out if Bitcoin is a risk-on or risk-off asset,” and that some of the media outlet’s “guests claim it’s both,” that “Bitcoin means different things to different people,” and that “it’s whatever investors want it to be.”

Peter Schiff Bitcoin claims

What’s more, according to the American economist’s belief, the position that the flagship decentralized finance (DeFi) asset’s risk is “in the eye of the HODLer” is “crazy,” because he views Bitcoin as nothing but a “fake asset,” as he explained in an X post published on April 2.

Shortly afterward, Schiff posted another scathing criticism of Bitcoin, comparing it to silver, which had advanced 4% over the course of that day, during which the foremost crypto asset lost 6% to its price, and arguing that silver was “the new Bitcoin,” and referring to it as “Bitcoin 2.0.”

Bitcoin vs. gold

In another X post, he compared Bitcoin to gold, posting a video of his family racing each other on horses, and equating the largest asset in the crypto sector by market capitalization with the horse losing the race against the top precious metal.

As a reminder, Finbold recently reported on Schiff declaring gold superior to Bitcoin despite it making a new all-time high (ATH), pointing out it has not yet managed to hit a new ATH priced it gold and asserting that this diminished the argument of Bitcoin being “digital gold.”

Moreover, in late March, the economist took a jab at influencer Andrew Tate, who said he bought his first Bitcoin in 2018 and had been buying some “every single week without fail” and without selling any, to which Schiff said it was “people like you who are keeping the mania going,” adding that:

“My guess is that by the time you finally do sell, you will end up losing money.”

BTC price prediction

Meanwhile, Bitcoin was at press time changing hands at the price of $66,450, recording an increase of 0.13% in the last 24 hours, declining 4.40% across the previous seven days, advancing 1.71% over the past month, as well as growing 55.06% since the year’s start, as per data on April 3.

It is also worth noting that multiple crypto trading experts have placed the BTC price prediction between $100,000 this year and a massive $1,000,000 in 2025. That said, doing one’s own research is critical before investing in any asset, be it gold, silver, real estate, cattle, or Bitcoin.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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