Peter Schiff Says Bitcoin Is a High-Risk Speculative Digital Token, Not in Gold or Silver's Asset Class
JH Kim
Summary
- Peter Schiff said Bitcoin investors' expectation that Bitcoin will rise alongside gold and silver is a naive belief based on a false premise.
- He said the view that Bitcoin belongs to the same asset class as precious metals is itself mistaken.
- 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 X on Aug. 11 that Bitcoin investors are naively expecting the cryptocurrency to eventually rise alongside gold and silver.
He said that expectation is based on the mistaken belief that Bitcoin belongs to the same asset class as precious metals.
"Bitcoin is nothing more than a highly speculative collectible digital token, not a monetary metal," he wrote.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.