Schiff Slams Bitcoin, Calls It 'Not a Real Asset'
Peter Schiff has continued to express his skepticism about Bitcoin's value proposition.
In response to a post by crypto analyst Quinten Francois, Schiff argued that Bitcoin should not be compared with traditional assets such as gold. He stated that 'Bitcoin is not a real asset so its value has no relationship to gold, equities or real estate.'
Schiff also disputed the idea that investors can use Bitcoin as an inflation hedge, saying 'I don't think Bitcoin is an inflation hedge.' He recommended that investors seeking protection against inflation should choose traditional precious metals instead.
In response to criticism that he had missed out on Bitcoin's substantial appreciation, Schiff claimed that he had been better off avoiding the cryptocurrency over a longer period. He stated that 'Over the last five years or so I've been better off not owning Bitcoin.'