Peter Schiff continues to indulge in sowing doubt among crypto X-ers. The celebrity stockbroker once again voiced his sentiments towards Bitcoin, suggesting now may be the last call to swap it for gold. Those who fail to make the move risk "staying poor," Schiff warns in his post.
Bitcoin has been on a rollercoaster time and time again, with its price skyrocketing from the depths of stagnation to an all-time high within a year, taking a brief nosedive, moving up again, and tumbling down once more to flatten at around 65k USD.
Bitcoin spasms are nothing out of the ordinary. The crypto market is sensitive to all sorts of internal and external factors, both regulatory and economic. The recent drop is suspected to be linked to the 10-year US Treasury yield reaching its peak for the year and the dollar, which typically moves inversely to Bitcoin, reaching a five-month high.
"Bitcoin doesn't need much excuse to go through a period of correction after such an explosive performance in Q1," Joel Kruger, market strategist at LMAX Group, noted in a commentary for CNBC.
Another event coinciding with the downturn was a whale transfer of over 4,000 BTC to Bitfinex on Monday. As per CryptoQuant's data, the platform's reserves spiked, signaling a possible uptick in selling activity corresponding with the sudden price drop.
On the other hand, gold prices have continued to rise. They reached a new peak on Wednesday, marking the fourth successive session of record-breaking highs. This surge is driven by various factors, such as growing tensions in the Middle East, expectations of interest rate reductions in the US, and ongoing inflation, all of which have increased the allure of gold.
Schiff's preferences are clear. The prominent investor has repeatedly compared the evolution of the crypto industry to the "tulip mania." Nevertheless, he admitted he regretted not tapping into the market at the early phase of its growth. The millionaire looked at Bitcoin already in 2010 but didn't consider it was worth investing at the time.
Schiff hasn't really changed his stance on crypto since then. In a 2014 interview, he was predicting Bitcoin's decline and continues to do so now. Still, he's not shy to acknowledge he would be happy to make a profit regardless of his long-time perspective of the market.
