Renowned Bitcoin hater Peter Schiff has once again cast doubt on the cryptocurrency’s long-term sustainability. Schiff recently expressed skepticism regarding the recent Bitcoin rally that saw its market capitalization earlier reach an impressive $31,000.
According to Schiff, the current surge in BTC price is merely a temporary thing, and he believes that “the party” will soon come to an end.
Schiff’s skepticism stems from his belief that cryptocurrency lacks intrinsic value and is merely a speculative asset. As a gold bug, he advocates for investing in precious metals like gold, which he considers to be a more stable and reliable store of value.
He often points out the historical significance and enduring value of gold, contrasting it with what he perceives as the volatility and unpredictability of Bitcoin.
Bitcoin’s Advance And Peter Schiff’s Doubts
Schiff recently took to Twitter to express his doubts about the sustainability of the recent BTC rally. In his tweet, Schiff stated, “rallies end when the lowest quality stuff finally participates,” referring to cryptocurrencies as the “lowest quality” assets. His comment reflects his long-standing skepticism toward Bitcoin and other digital currencies.
Until recently the rally in highly speculative assets excluded #Bitcoin. Now that Bitcoin has finally joined the party, perhaps it’s a sign that the party will soon end. Usually rallies end when the lowest quality stuff finally participates. There’s no lower quality than #crypto.
— Peter Schiff (@PeterSchiff) June 23, 2023
The surge in Bitcoin’s value occurred shortly after US Federal Reserve Chair Jerome Powell
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Author: Christian Encila
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