- Peter Schiff advises investors to sell Bitcoin and invest in precious metals.
- Per day Bitcoin rose more than 5,30% to hit a daily high of $74,800.
Renowned economist Peter Schiff once again She urged The crypto community should abandon Bitcoin and invest in precious metals. He cited Michael Saylor’s breakeven point as evidence, noting that the flagship coin is currently trading at almost the same level.
And while the US dollar weakens, gold and silver are poised for another rally.
Schiff’s statement comes amid a recovery in the cryptocurrency market. Over the past 24 hours Bitcoin rose more than 5,30% to $74,594, up almost 8% over the week, According to Coin Market Cap.
The flagship cryptocurrency’s recovery isn’t just due to robust demand. Over the past 24 hours, 177,000 traders liquidated their positions, costing them $530 million. About $425 million of this amount came from short positions. Most of the liquidations occurred within 12 hours, leading to a sharp increase in buying activity and higher prices.
Schiff is known for his pessimistic statements regarding Bitcoin. Last week, he said, that the founder ARK Invest Cathie Wood is overly optimistic about Bitcoin and disagrees with her forecast for Bitcoin to reach $1,5 million.
If Larry Fink of BlackRock revised his position While Peter Schiff has been positive about Bitcoin and now recommends investing in cryptocurrencies, he’s completely uncompromising. Having stopped predicting a Bitcoin price crash, he recently wrote about the low returns on BTC. The timeframe was chosen to artificially understate the returns on long-term investments.
It seems he’s deliberately writing about Bitcoin to ensure constant media coverage. Incidentally, his latest attempt at self-promotion during the debate with Michael Saylor failed.
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