Economist Peter Schiff Compares Bitcoin to a Shipwreck

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One of Bitcoin's most vocal critics is calling on investors to avoid investing in BTC. In his opinion, Bitcoin is increasingly competing with other cryptocurrencies and NFTs.

On Tuesday, September 7, the Bitcoin rate fell tomarks $18 508. Economist Peter Schiff took advantage of the decline and bearish market sentiment to once again criticize the flagship cryptocurrency. Schiff tweeted that markets rarely give investors enough time to "buy the asset at the bottom." The price of Bitcoin, which has been trading at $20,000 for the last 12 days, was called a “false bottom” by Schiff. It can lure investors into a trap and can fall much lower.

“The suckers will have plenty of time to climb aboard a sinking ship. It’s better to abandon this ship before it falls apart,” Schiff sneers.

Markets rarely give investors much time tobuy the bottom. #Bitcoin has been trading near $20K for the past 12 days. More likely $20k will prove to be a false bottom, giving suckers plenty of time to climb aboard a sinking ship. Better to abandon ship before the bottom drops out.

— Peter Schiff (@PeterSchiff) September 6, 2022

The cryptoskeptic argues that limitationBitcoin supply no longer matters. The BTC dominance index fell to 38.1%, which was the lowest level since June 2018. Bitcoin has to compete with nearly 21,000 other cryptocurrencies, including non-fungible tokens (NFTs), the economist explained.

As a proponent of gold, Schiff has alwaysrecommends that cryptocurrency investors sell digital assets and buy precious metals, earning him the nickname “goldbug.” Ironically, Peter Schiff's son, Spencer Schiff, is a self-described Bitcoin maximalist, so they often disagree on investment issues.

In July, it became known that Schiff was ready to sell his troubled bank Euro Pacific, whose activities were suspended due to non-compliance with minimum capital requirements, for bitcoins.