Economist Peter Schiff has once again stirred the crypto community, this time by advising Bitcoin BTC/USD holders to exchange their holdings for gold and silver.
What Happened: On Monday, Schiff, a well-known Bitcoin critic, took to social media platform X, formerly known as Twitter, to taunt Bitcoin holders. He suggested they consider selling their Bitcoin and buying gold and silver at favorable prices.
He wrote, “Attention Bitcoin #HODLers. This may be your last change to sell your #Bitcoin and buy some #gold and #silver at favorable prices. If you fail to act, have fun staying poor.”
When a user named Quasar expressed concerns about waiting for gold to appreciate, Schiff responded, “It may happen over the next 60 days.”
Bitcoin Vs Gold Price Action: Over the past 24 hours, Bitcoin experienced a slight decline of 0.59%, trading at $65,600.20, while Gold’s spot price saw a marginal decrease of 0.20%, settling at $2,295.47. However, looking at the year-to-date (YTD) performance, Bitcoin has surged impressively by 48.51%, with its price at the start of the year standing at $44,160.23.
In contrast, Gold has shown a more modest increase of approximately 11.30% from the start of the year. These comparisons highlight Bitcoin’s dynamic volatility and substantial gains over the year, contrasting with Gold’s relatively stable yet less remarkable performance, according to the data from Benzinga Pro.
Why It Matters: Schiff’s recent comments are in line with his long-standing skepticism towards Bitcoin. Despite the cryptocurrency’s record-breaking performance, Schiff has consistently advocated for gold as a more stable and reliable investment.
This comes after Schiff recently criticized Bitcoin, calling it a “fake asset” following a 6% drop in value. He has consistently compared Bitcoin’s volatility to the stability of gold. Schiff has also dismissed the idea of Bitcoin being “digital gold” and warned of a potential financial crisis.
His latest advice to Bitcoin holders to switch to gold and silver comes amid ongoing market volatility and concerns about a potential financial crisis. Schiff’s warnings and recommendations continue to spark debate within the crypto community and among traditional investors.
Peter Schiff Image Via Wikimedia Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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