Anti-Bitcoin critic Peter Schiff has come up with another prediction against the leading cryptocurrency. According to the financial expert, there is a looming significant market downtrend for the “speculative asset class” of which Bitcoin (BTC) will top the list. When this eventually happens, Schiff believes that there will be an uptrend amongst precious metals with gold leading the breakout.
In the late hours of Monday 3rd April, the BTC critic tweeted “I think risk assets will soon breakdown hard, led lower by #Bitcoin. #Inflation hedges are about to breakout, lead higher by precious metals miners. As I titled my last podcast, #gold stocks are the new tech #stocks. Either prepare for this new reality or suffer the consequences.”
The United States economist has never failed to declare his stance on Bitcoin. In January when the coun began to recover like other digital assets in the market, Schiff advised investors to sell off their holdings. At the time, BTC had hardly reached $19,000 but he claimed it was an opportunity for investors to rid themselves of the speculative assets.
“#Bitcoin is trading above $18K, its highest level in 3 weeks, an excellent opportunity for #HOLDers to sell ahead of the release of the Dec. #CPI. #Gold is only up $10, trading at an 8-month high. While Bitcoin has already broken down, gold has broken out. Time to drop Bitcoin,” the BTC critics posted on Twitter “Bitcoin is now pushing $19k. It’s an even better opportunity to sell.”
Fast forward to today when BTC is trading at $28,083.65 according to Coinmarketcap, the Bitcoin atheist still stands firm in his opinion. For him, the 20% rally in the market price of the coin does not stop gold from becoming the most preferable inflation hedge. Gold’s price is increasing at a gradual pace and Schiff believes that this is more sustainable than the BTC price recovery.
Also, a few weeks after the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank, the American gold evangelist blamed the recent surge in economic crises on the strict banking restrictions put in place by the U.S. government.
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