Bitcoin critic and economist Peter Schiff, a long-term crypto critic, advises investors to sell Bitcoin as it plunges below “25 ounces” of gold during the recent correction.
While the Bitcoin ETFs are the buzz of the day, Schiff noted that its value is down by 23% in dollars and 33% in gold terms. Schiff said that the current price is “fewer than 25 ounces”, which shows a big decrease.
Schiff’s remarks come at a time when Bitcoin is struggling to stay above $60,000, now at $57,377.25, a 4.27% dip in 24 hours. Schiff continued to taunt further bearish trends by making fun of the halving event of Bitcoin and promoting gold as a better value store compared to the uncertain economy.
Schiff’s criticism is in line with his choice of gold as a hedge against inflation instead of Bitcoin. Despite Bitcoin’s volatility, he asserts that it will go down and advises investors “to switch off the lights” on their holdings.
Peter Schiff’s opinion on Bitcoin’s falling value and his choice of gold over cryptocurrencies shows his disbelief in cryptocurrencies as a safe investment.
Also Read: Peter Schiff Mocks “Bitcoiners” After Halving Event
