Economist Peter Schiff Warns Bitcoin May Not Rise When Other Financial Assets Rebound – Bitcoin Planet Markets & Prices

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Gold bug and economist Peter Schiff warned that the price of bitcoin may not rise when other financial assets rebound, even if the crypto falls alongside them. “The bitcoin bubble has burst and collectors will sell financial assets no matter what,” he predicted.

Peter Schiff’s Bitcoin Insights

Economist and gold bug Peter Schiff shared his thoughts on the future of bitcoin and cryptocurrency in a series of tweets this week. He wrote on Monday:

The fact that bitcoin fell along with financial assets does not mean that it will rise once those markets turn around.

“Bitcoin is not a financial asset. It is a collectible digital token,” Schiff continued. “The bitcoin bubble has burst and collectors will sell financial assets no matter what.”

The economist also believes that bitcoin is not scarce despite the 21 million cryptocurrency supply cap. Responding to a tweet on Tuesday declaring BTC to be “the rarest and most desirable asset the world has ever seen,” Schiff said:

Bitcoin is hardly rare and in no way desirable. If you want to waste your money, there are plenty of ways to do it. You don’t need to buy bitcoins.

Responding to another tweet claiming bitcoin is a risky asset rather than digital gold, Schiff claimed that BTC is “more like an asset for a fool.” He claimed, “So as long as people are crazy enough to buy bitcoin, the price will go up. Unfortunately for bitcoin holders, while there are a lot of fools in the world, I don’t think there are many left who are willing to buy bitcoin who don’t already own it.

Schiff is the founder and current chairman of Schiffgold, a precious metals trader specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly bashing the crypto while promoting gold.

Commenting on the collapse of FTX and subsequent calls for tougher crypto regulation, Schiff tweeted on Monday:

It is ironic that the big crypto players are looking to the government to save the industry with additional regulation.

“This goes against the very core of Bitcoin’s original promise, which was to be the free market alternative to the corrupt government’s fiat monetary system,” he added.

In November, Schiff warned that bitcoin had a long way to go, valuing BTC at $10,000. He also thinks the US dollar will crash and the actions of the Federal Reserve will lead to a massive financial crisis.

What do you think of Peter Schiff’s comments? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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