Bitcoin News and Finance
Economist Peter Schiff Warns Bitcoin May Not Rise When Other Financial Assets Rebound Skip to main content

Economist Peter Schiff Warns Bitcoin May Not Rise When Other Financial Assets Rebound

Gold bug and economist Peter Schiff has warned that the price of bitcoin may not rise when other financial assets rebound, even though the crypto fell alongside them. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets,” he predicted.

Peter Schiff’s Bitcoin Outlook

Economist and gold bug Peter Schiff shared his thoughts about the future of bitcoin and cryptocurrency in a series of tweets this week. He wrote Monday:

The fact that bitcoin fell along with financial assets doesn’t mean that it will rise once those markets turn.

“Bitcoin isn’t a financial asset. It’s a collectable digital token,” Schiff continued. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets.”

The economist also believes that bitcoin is not scarce despite the cryptocurrency’s 21 million supply cap. Responding to a tweet Tuesday stating that BTC is “the scarcest and most desirable asset the world has ever seen,” Schiff said:

Bitcoin is hardly scarce and in no way desirable. If you want to lose your money there are plenty of ways to do it. You don’t need to buy bitcoin.

Replying to another tweet claiming that bitcoin is a risk asset rather than digital gold, Schiff claimed that BTC is “More like a fool’s asset.” He asserted: “So, as long as people are foolish enough to buy bitcoin, the price will go up. Unfortunately for bitcoin HOLDers though there are plenty of fools in the world, I don’t think there are many left willing to buy bitcoin who don’t already own it.”

Schiff is the founder and current chairman of Schiffgold, a precious metals dealer specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly bashing the crypto while promoting gold.

Commenting on the collapse of FTX and subsequent calls for stronger crypto regulation, Schiff tweeted Monday:

It’s ironic that the big players in crypto are looking to government to save the industry with additional regulation.

“This goes against the very core of the original promise of Bitcoin, which was to be the free market alternative to the corrupt government fiat monetary system,” he added.

In November, Schiff warned that bitcoin has a long way to fall, valuing BTC at $10K. He also believes that the U.S. dollar will crash and the Federal Reserve’s actions will lead to a massive financial crisis.

What do you think about the comments by Peter Schiff? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory