Economist Peter Schiff made a statement regarding Bitcoin, which hit a new record at $113,833. His comments are directed at investors.
Bitcoin Reaches New Record
Today, Bitcoin reached a new all-time high of $113,833.84 according to CoinMarketCap. The total market capitalization rose by 3.34% to $2.24 trillion, while the 24-hour trading volume increased by 55.29% to $68.52 billion.
Peter Schiff's View on Bitcoin
Peter Schiff, known for his harsh stance against cryptocurrencies, issued a warning for investors. He believes that Bitcoin does not offer a good business model and only exploits naive investors. 'The logic behind Bitcoin or Ethereum treasury companies is to exploit naive investors who are willing to buy shares of companies with no real business model at higher premiums,' stated Schiff.
Difference Between Bitcoin and Silver
Schiff also mentioned that these levels are the perfect time to sell Bitcoin and buy silver. He said, 'With Bitcoin reaching new highs today, it's a great time to sell some and buy silver. Even if Bitcoin continues to rise for a while, silver is likely to rise even higher. Furthermore, while Bitcoin could easily crash, the downside risk in silver is quite limited.'
Peter Schiff's perspective on Bitcoin underscores his skepticism regarding cryptocurrency as an investment asset. His advice to sell Bitcoin and buy silver reflects his long-term view on more traditional assets.
