Peter Schiff Calls Bitcoin a High-Risk Speculative Digital Token, Not a Gold-Like Asset
JH Kim
Summary
- Peter Schiff said Bitcoin investors’ expectation that Bitcoin will rise alongside gold and silver is a naive belief based on a mistaken view.
- He said it is wrong to see Bitcoin as belonging to the same asset class as precious metals.
- He added that Bitcoin is merely a highly speculative collectible digital token, not a monetary metal.
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Peter Schiff, a prominent Bitcoin skeptic and gold bull, wrote on his official X account on August 11 that Bitcoin investors expecting the token to eventually rise alongside gold and silver are clinging to a naive belief.
That belief rests on the mistaken view that Bitcoin belongs to the same asset class as precious metals.
Bitcoin is merely a highly speculative collectible digital token, not a monetary metal, Schiff added.
JH Kim
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