Peter Schiff: “Only Fools Choose Bitcoin”

Cryptocurrency skeptic and gold investment advocate Peter Schiff expressed doubts about the mentalthe ability of investors in Bitcoin and again advised me to buy gold.

Amid a new round of stock futures growthgold, Peter Schiff tweeted that "only fools invest in bitcoin." Comparing the performance of the first cryptocurrency and gold for this year, Schiff said that even if the gold index rose by 7%, exceeding the previous maximum of 2020 by only 2%, this is a good indicator compared to bitcoin, which fell 35% below the maximum mark this year.

Schiff cited the 2008 financial crisis as an example,when gold fell 25% but reached new heights in seven months. Given that this year, gold figures fell by only 15%, Schiff suggested that we should expect a “new peak” in a month. In response to why he ignores the appreciation of Bitcoin, an adversary of cryptocurrencies said that Bitcoin is still under the influence of a bear market.

Schiff criticized Bitcoin again this month,calling it an unnecessary cryptocurrency that did not grow even with factors contributing to its growth. It should be borne in mind that Peter Schiff praises gold, being his active supporter and having a personal interest in this.

However, sometimes such negative statements inWith respect to Bitcoin, they can have the opposite effect, thereby causing even more interest in cryptocurrency. Binance Exchange CEO Changpeng Zhao believes Peter Schiff’s illogical statements promote cryptocurrencies, as people do exactly the opposite of his calls.

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