One of the most vocal critics of bitcoin, urges investors to stop investing in BTC. In his opinion, bitcoin competes worse and worse with other cryptocurrencies and NFTs.
On Tuesday, September 7, the bitcoin rate fell to $18,508. Economist Peter Schiff took advantage of the fall and bearish sentiment in the market to once again criticize the flagship cryptocurrency. Schiff tweeted that the markets rarely give investors enough time to “buy an asset at the bottom.” The price of bitcoin, which has been trading at $20,000 for the past 12 days, Schiff called a “false bottom.” It can trap investors and can fall much lower.
“The suckers will have plenty of time to board a sinking ship. It is better to leave this ship before it falls apart, ”Schiff ironically.
Markets rarely give investors much time to buy the bottom. #Bitcoin has been trading near $20K for the past 12 days. More likely $20k will prove to be a false bottom, giving suckers plenty of time to climb aboard a sinking ship. Better to abandon ship before the bottom drops out.
— Peter Schiff (@Peter Schiff) September 6, 2022
The crypto skeptic argues that the limited supply of bitcoin no longer matters. The BTC dominance index fell to 38.1%, which was the lowest since June 2018. Bitcoin has to compete with nearly 21,000 other cryptocurrencies, including non-fungible tokens (NFTs), the economist explained.
As a supporter of gold, Schiff always encourages crypto investors to sell digital assets and buy precious metals, earning him the nickname “gold bug.” Ironically, Peter Schiff’s son, Spencer Schiff, calls himself a bitcoin maximalist, so they often disagree on investment issues.
In July, it became known that Schiff was ready to sell his troubled bank Euro Pacific for bitcoins, which was suspended due to non-compliance with minimum capital requirements.
Source: Bits
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