Prominent gold advocate and crypto critic Peter Schiff has once again shared his thoughts on Bitcoin (BTC). In his latest episode, he suggested an unexpected retrospective willingness to invest in the cryptocurrency’s early days.
Known for his vocal criticism of digital assets, Schiff has said that Bitcoin and the broader blockchain ecosystem may ultimately be remembered as one of the greatest misallocations of resources in modern financial history.
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However, if he had known how big Bitcoin would become, he might have “loaded up on it,” the crypto-skeptic admitted.
Well, that did not happen in 2011, when Bitcoin was last seen at $1, and the cryptocurrency made its way to nearly $90,000 without Peter Schiff onboard. For now, the banker remains convinced that BTC is a bubble, and when it bursts, it will not just affect individual speculators; it will also affect those who have financed infrastructure and companies in the crypto sector.
Bitcoin vs. silver
More to the point, Peter Schiff then explained how the recent rise in Bitcoin has affected traditional assets like gold and silver as, with so much interest in Bitcoin ETFs and related stocks, silver has held its own against falling gold prices.
He noted that silver’s decline was relatively small, especially on a day when gold saw a significant drop.
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In addition, Schiff noted that Bitcoin’s market value has once again surpassed that of silver, but the balance could shift in favor of precious metals if dynamics of cryptocurrency prove to be nothing more than “pump and dump.”
