Peter Schiff reiterates that gold is safer than bitcoin

by in Cryptocurrency News

Peter Schiff

Financier Peter Schiff is widely known as one of the fierce critics of Bitcoin.

He repeatedly on Twitter and during a conversation with reporters noted that BTC is an ordinary pyramid that will inevitably collapse.

Schiff believes that cryptocurrency is growing in value only due to the influx of new investors. As soon as the potential for further growth dries up, Bitcoin will immediately collapse to zero.

At the end of this week, the financier took to Twitter again to try to convince investors to stop buying cryptocurrency.

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He also criticized fiat currencies and then called for hedging risks using the only and reliable, in his opinion, instrument - gold.

Peter Schiff wrote: "The market value of traditional fiat currencies and bitcoin is primarily determined by trust. Some people lose confidence in fiat currencies and buy bitcoins. But what happens when people lose confidence in bitcoin? If you buy bitcoin to hedge fiat, then you need to buy gold to hedge bitcoin."

With this post, the financier not only recognized the inevitability of the collapse of the traditional financial system but also drew attention to the strengthening of Bitcoin's position as a haven asset.

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Although Schiff is still trying to criticize BTC, he has fewer arguments left to convince investors of the weakness of the cryptocurrency.

Moreover, BTC is set to update the highs, and many analysts, such as Mike McGlone, believe that after taking $ 50,000 we will reach $ 100,000 per coin.