Prominent economist and gold advocate Peter Schiff, who gained notoriety for accurately predicting the 2008 financial crash, is at it again, taking another swipe at Bitcoin.
In his latest commentary, Schiff is advising investors to sell all of their Bitcoin, which he deems the “epitome of risk assets,” and instead place their bets on gold mining stocks, claiming that this is “the best trade you can make right now.”
His reasoning stems from Bitcoin’s current struggles, with the cryptocurrency’s price falling while gold continues to see new highs. In fact, gold recently reached an all-time peak of over $3,300, which further validated Schiff’s confidence in the long-term value of precious metals, particularly amid economic instability.”
On the other hand, Bitcoin is trading near $83,800 after sliding by 2% over the past 24 hours.
A Break From His Anti-Bitcoin Stance
The financial commentator’s skepticism about Bitcoin is not new. He has long criticized the cryptocurrency as a speculative asset with no intrinsic value, asserting that its value will ultimately collapse during a major economic crisis. On the other hand, Schiff views gold as a safe haven, especially during periods of economic turmoil.
However, Schiff recently acknowledged that Bitcoin had shown more resilience than expected amid recent market volatility. On April 3, global trade tariffs triggered significant fluctuations in stocks, commodities, and cryptocurrencies. Despite Bitcoin’s 5.7% decline, it managed to outperform the NASDAQ and the Russell 2000 index, and demonstrated a level of stability that surprised many.
While not a major victory, Schiff noted that Bitcoin’s performance was far from disastrous, marking a rare moment of acknowledgment for the cryptocurrency’s ability to weather market turbulence.
Predicting Bitcoin’s Demise, Again
However, true to form, it didn’t take long for him to shift back into his familiar role as a vocal critic of BTC. Schiff, who happens to be the head of Euro Pacific Capital, also said that while the 2008 financial crisis gave rise to Bitcoin as an alternative to traditional banking, the next major economic downturn, potentially linked to ongoing tariff wars, will signal the cryptocurrency’s demise.
Although the recent temporary pause in tariffs offered some respite, Schiff argues that the long-term damage to global trade momentum and investor confidence cannot be undone, reinforcing his stance against the cryptocurrency as a sustainable investment.
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