Peter Schiff Bashes Bitcoin 'Safe Haven' Investors

Michael LaVere
  • Gold bug Peter Schiff bashed investors for turning to bitcoin as a potential safe haven asset.
  • The price of bitcoin broke above $7300 for the first time since mid-March's market crash.

Gold bug and crypto critic Peter Schiff has bashed investors fleeing to bitcoin as a “safe haven” asset. 

On the same day that bitcoin prices broke above $7,300 for the first time since crashing in mid-March, gold bug Peter Schiff took to Twitter to bash cryptocurrency investors. In particular, he took issue with the notion that bitcoin could one day be considered a “safe haven” asset in response to traditional market volatility. 

He argued that investors would continue to support proven safe haven assets rather than taking a chance on the speculative nature of bitcoin. 

Schiff argued that gold, compared to bitcoin, is not a purely speculative asset and has real-world utility as a store of value. 

Schiff also predicted the US would switch back to a conventional monetary system based upon gold. His comments come just weeks after the US government announced an unprecedented stimulus package to bolster the economy, which included the printing of $2 trillion in new fiat to support businesses and families affected by the coronavirus pandemic. 

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