Bitcoin cannot serve as a store of value or hedge against inflation, according to the famous goldbug
cryptocurrency investors to sell their holdings and spend the profits on physical gold before they lose everything. “My advice to people in crypto is get out. You could still get almost 17000 for your worthless Bitcoin. I would suggest that take it and buy some gold," he said.
In his opinion, Bitcoin isn't a viable investment option for those who are looking for a long-term storage of value or an inflation hedge."It doesn't have any value," Schiff tweeted."It's down two thirds of its market price." This advice comes off the back of recent market uncertainty that stems from the collapse of the FTX exchange. Schiff has repeatedly come out strongly against Bitcoin and other cryptocurrencies, citing a lack of intrinsic value and extreme volatility as his primary concerns. Schiff believes that gold is a much safer, more reliable long-term store of value and holds greater potential for reliable gains in the future.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SBF wants ‘Big Short’ FTX movie, Peter Schiff already calls it fictionFrom describing the idea of an FTX film as 'absurd' to saying The Big Short writer should also be investigated, the community responded to the meeting between former FTX CEO and Michael Lewis.
Read more »
Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading – Mining Bitcoin NewsBitcoin miner Argo Blockchain announced that it requested the suspension of trading its company shares on Dec. 27, 2022.
Read more »
Microstrategy Buys More Bitcoin — Company's Crypto Holdings Grow to 132,500 BTC – Featured Bitcoin NewsMicrostrategy is now holding approximately 132,500 bitcoin following its most recent $BTC purchases. crypto cryptocurrency
Read more »
Philippine Regulator Warns Against Using Unlicensed Cryptocurrency Exchanges Following FTX Collapse – Regulation Bitcoin NewsThe Philippine Securities and Exchange Commission issued a warning about unlicensed cryptocurrency exchanges following the FTX collapse.
Read more »
What is Swan Bitcoin and how does it work?Tired of exchanges? Swan Bitcoin could be perfect for you. The Bitcoin-only accumulation platform is proving to be popular with both veterans and newbies in the space.
Read more »
MicroStrategy sold bitcoin worth $11.8 million for tax benefitsMicroStrategy sold 704 bitcoin worth $11.4 million for tax purposes but acquired 3,205 more BTC to bring their holdings to 132,500 bitcoin.
Read more »