Peter Schiff: Bitcoin is a Cheap Imitation of Gold
Main page Opinion, Bitcoin

Peter Schiff, president of Euro Pacific Capital and BTC critic, has said gold is better than the cryptocurrency and called it a "cheap imitation."

In particular, he has written:

"A breakout in gold may coincide with a breakdown in Bitcoin. This makes sense as Bitcoin pumpers have used gold's failure to breakout to promote Bitcoin as a supposed digital alternative. But once the real thing starts performing there's no need to settle for a cheap imitation."

Schiff called in March for selling Bitcoin and buying gold amid Silvergate Bank's troubles.

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In July he predicted Bitcoin would quickly fall to zero. He added he had underestimated the "potential of the Bitcoin bubble." In his opinion, most investors do not believe in the currency, but are just waiting for someone to buy it at a high price.

In October he said no one needs the crypto and compared holders of the asset to a cult.

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