- Bitcoin proves it is not a safe haven asset.
- BTC lives and dies because of Elon Musk’s tweets.
- Bitcoin is the white whale, and Michael Saylor is Captain Ahab.
CEO and chief global strategist of Euro Pacific Capital Inc., Peter Schiff, recorded a Podcast about the crypto crash. He is also an American business commentator, and radio personality, and stockbroker.
As BTC temporarily plunged to around $30K lately, Peter Schiff, a long-term Bitcoin antagonist, recorded a Podcast about the crypto market. He said that the crypto crash pushed him to record this Podcast.
Peter Schiff said,
Today should finally settle the debate. Bitcoin is not a safe-haven, inflation hedge or store of value asset similar to gold. It’s a highly speculative digital token that trades with other high-risk assets. That’s why it’s tanking today with stocks and not rising with gold.
Further, he also said that people should shift to gold because it is a safe haven store of value. It rises when other assets are falling. On the other hand, he noted that Bitcoin is not a safe haven or a hedge against inflation – it’s merely a speculative asset that follows other high-risk stocks.
In addition, he shared his thoughts about Bitcoin recovery. He said he doubts that this bear market is over, and a new bull market will be born and hitting $65,000 in the next few days or few weeks.
Moreover, Peter Schiff added that he doesn’t think Bitcoin can go above $42,000 or $43,000. More so, he said what Bitcoin has is only technical fundamental.
Furthermore, he said that the Bitcoin community still likes Elon Musk. BTC lives and dies because of Elon Musk’s tweets. He only has to tweet about Bitcoin or any crypto, and they love him again, says Peter. Besides, he called Bitcoin the white whale, and Michael Saylor the Captain Ahab.