Economist Peter Schiff, known for his pro-gold views, continued to harshly criticize Bitcoin (BTC).
Schiff suggested that Bitcoin could experience price movements similar to those seen in the silver market recently, but in the opposite direction. Schiff argued that markets often crash faster than they rise, so a potential recession could be shorter and more severe.
Schiff thought it was noteworthy that Bitcoin did not benefit from both the rise in technology stocks and the rise in the value of gold and silver. Economists were skeptical about this situation, and when asked when Bitcoin would rise under these circumstances, they answered “never.” Schiff said Bitcoin trading is now closed and there are no new buyers left to enter the market.
In his statement, Schiff also targeted investors who adopt a “HODL” strategy, arguing that unless Bitcoin rises, the only direction is down. Schiff seems to have stepped up his criticism of BTC lately, hinting that if investors are lucky, this process could end sooner rather than later.
*This is not investment advice.
