Peter Schiff Urges Selling Bitcoin to Buy Gold, Claiming Favorable Precious Metal Prices
Peter Schiff, American economist and avid gold advocate, persists in his criticism of Bitcoin, despite a more than 50% increase in its price this year. He urges Bitcoin holders to sell their digital assets and buy gold and silver, products that he conveniently offers on his SchiffGold platform.
Schiff suggests that now may be the time to make this transition before favorable prices disappear, lest one remains in poverty.
In response to a comment from Trey Sellers, a Bitcoin enthusiast and VP of Corporate Sales at Unchained, who labels Bitcoin the ‘currency of freedom,’ Schiff retorts that it will ‘free you from your money.’
This viewpoint reflects his generally negative outlook on Bitcoin, which he believes is poised to collapse, particularly due to the approval of new Bitcoin ETFs this year, introducing more BTC into the market and posing significant risks.
Schiff has consistently praised the merits of gold and silver over Bitcoin, going so far as to call silver the ‘new Bitcoin’ or ‘Bitcoin 2.0.’ He argues that Bitcoin is a ‘phony asset,’ criticizing its popularity among the youth, which he attributes to their ‘ignorance and lack of experience.’
According to Schiff, the youth’s attraction to Bitcoin is solely based on the dramatic increase in its price during their lifetime, but he predicts that their preference will shift to gold once Bitcoin collapses.
Despite the criticism, Bitcoin is still trading above $67,000 at the time of writing this article, marking a 140% increase in the past 12 months. Meanwhile, the prices of gold and silver have seen respective gains of 13% and 8% over the past 12 months.
