Industry Insights: Market Expert Weighs In on Cryptocurrency and Precious Metals Investing

Peter Schiff: Bitcoin a ‘Fraud,’ Strategy Will Probably Go ‘Bankrupt’

Peter Schiff, the CEO of Euro Pacific Capital and a well-known gold enthusiast, has once again lashed out at Bitcoin. In an interview with X Spaces, Schiff labeled Bitcoin as a “fraud” and predicted that his own strategy of investing in gold will likely go on to be successful.

Schiff’s comments come amid a tumultuous period for the cryptocurrency market, with many investors questioning the sustainability of its growth. The billionaire investor claimed that Bitcoin has failed to deliver on its promise of being a digital store of value, instead serving as a highly volatile risk asset that is susceptible to extreme price fluctuations.

“We got plenty of risk assets out there,” Schiff argued. “It’s a super risk asset that’s going to go up faster than other risk assets. Based on what?”

Schiff’s comments were likely in reference to the cryptocurrency’s recent surge in popularity, driven by increasing mainstream adoption and speculation over its potential for long-term growth.

However, the Euro Pacific Capital CEO was not done there. He went on to claim that his own investment strategy of accumulating gold will ultimately be more successful than any other option currently available on the market.

“I’m telling you, this strategy is going to go bankrupt,” Schiff said in a jab at Bitcoin investors who have been piling into the cryptocurrency en masse.

Schiff’s comments are unlikely to go over well with the Bitcoin community, particularly considering his history of publicly criticizing the cryptocurrency.

Source: https://cryptopotato.com/peter-schiff-bitcoin-a-fraud-strategy-will-probably-go-bankrupt/