Bitcoin May Not Rise When Other Financial Assets Rebound, Says Economist Peter Schiff

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Peter Schiff, a gold enthusiast and economist, has cautioned that even though bitcoin declined along with other financial assets, its price might not increase when they do.

No matter what happens to financial assets, collectors will be selling since the bitcoin bubble burst, he predicted.

Bitcoin Outlook from Peter Schiff This week, in a series of tweets, economist and gold enthusiast Peter Schiff discussed his predictions for the future of bitcoin and other cryptocurrencies.

It is not guaranteed that bitcoin would increase if the markets for financial assets turn because it declined along with them.

No matter what happens to financial assets, collectors will be selling since the bitcoin bubble burst.

The economist also thinks that despite bitcoin’s supply cap of 21 million, it is not rare.

Bitcoin is barely scarce and in no way desired, according to Schiff, who was responding to a tweet that claimed it was “the scarcest and most coveted asset the world has ever seen” on Tuesday.

Schiff responded to another tweet that said bitcoin is more like a fool’s asset than digital gold, saying that BTC is “More like a risk asset.” So long as people are stupid enough to purchase bitcoin, he claimed, the price will increase.

Though there are a lot of fools in the world, unfortunately for bitcoin HOLDERS, I doubt many of them are still prepared to purchase bitcoin if they do not already possess it.

He has long been skeptical about bitcoin and frequently criticizes it while endorsing gold.

Schiff tweeted on Monday in response to the demise of FTX and related calls for tighter crypto regulation: In November, Schiff cautioned that bitcoin still has a long way to fall, valuing BTC at $10K.

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