Peter Schiff Bashes Bitcoin’s Price After Fed Cuts Interest Rates

Michael LaVere
  • Gold bug Peter Schiff criticized bitcoin's price following the Federal Reserve's emergency interest rate cut.
  • Schiff encouraged crypto investors to sell their bitcoin while promoting gold. 

Gold bug Peter Schiff is encouraging cryptocurrency investors to sell their bitcoin now after the price failed to appreciate following an emergency rate cut by the Federal Reserve. 

Schiff, who has become a regular critic of bitcoin and cryptoassets, published a tweet on Mar. 4 criticizing BTC’s lack of response to the Federal Reserve slashing interest rates by 0.50%. The economist pointed out that bitcoin failed to take advantage of the current volatility in the stock and bond market, despite being hailed as a safe-haven asset.

Schiff took the opportunity to promote gold amidst the global economic unrest caused by the coronavirus. He published a Yahoo Finance interview explaining that emergency interest-rate cuts by the Federal Reserve have historically benefited the price of gold. 

Schiff, who gained renown for predicting the 2008 financial collapse, has become a regular pundit for gold while being skeptical of bitcoin and crypto-assets. 

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