In a Thursday interview with TD Ameritrade Network, prominent Bitcoin critic Peter Schiff urged cryptocurrency investors to sell their holdings and spend the profits on physical gold before they lose everything. “My advice to people in crypto is get out. You could still get almost 17000 for your worthless Bitcoin. I would suggest that take it and buy some gold,” he said.
In his opinion, Bitcoin isn’t a viable investment option for those who are looking for a long-term storage of value or an inflation hedge. “It doesn’t have any value,” Schiff tweeted. “It’s down two thirds of its market price.”
This advice comes off the back of recent market uncertainty that stems from the collapse of the FTX exchange.
Schiff has repeatedly come out strongly against Bitcoin and other cryptocurrencies, citing a lack of intrinsic value and extreme volatility as his primary concerns. Schiff believes that gold is a much safer, more reliable long-term store of value and holds greater potential for reliable gains in the future.
Ultimately, Schiff believes that gold provides much better protection against economic downturns because it retains its intrinsic value even when markets crash, whereas cryptocurrencies like Bitcoin offer little assurance in this regard. “If you are really looking for an alternative to the US dollar for store of value, inflation hedge, gold will satisfy those requirements,” he noted, adding that Bitcoin doesn’t satisfy “any requirements.”