Renowned economist and well-known critic of cryptocurrency, Peter Schiff, has issued a stern warning about the future of Bitcoin, stating that it is teetering on the brink of a significant downturn.
Schiff took to Twitter to express his views, predicting a crash in risk assets, with Bitcoin leading the way.
According to Schiff, inflationary pressures are reaching a tipping point, and the real winners in this scenario will be miners of precious metals.
In a recent podcast, Schiff likened gold stocks to technology stocks, urging his followers to either adapt to this new reality or suffer the consequences.
This isn’t the first time Schiff has expressed his skepticism about Bitcoin. In March, during the US banking crisis, he urged his followers to sell their Bitcoin and other cryptocurrencies, warning of further bankruptcies to come.
In fact, as far back as December of last year, Schiff predicted that the value of Bitcoin could fall as low as $5,000. He has also previously compared Bitcoin to a sinking ship.
Despite these warnings, Bitcoin and other cryptocurrencies have continued to gain popularity and adoption around the world.