Peter Schiff Warns Bitcoin HODLers; Endorses Gold As The 'Future'

Peter Schiff Warns Bitcoin HODLers

Peter Schiff warned Bitcoin HODLers by saying that Bitcoin's candle would soon blow out, which seems to be suggesting that Bitcoin will lose its appeal in the coming days. According to Schiff, Bitcoin investors who fail to come to terms with this change will eventually end up losing everything. The Bitcoin critic also endorsed gold as the 'future' and defended its rather static market value by saying that what has happened in the last ten years is irrelevant.

Schiff's Love for Gold Isn't New..

Incidentally, this isn't the first time Peter Schiff has shown his appreciation for gold. In a tweet made about a week ago, Schiff had drawn the attention of investors towards the bull market in gold. The American stockbroker had said in the tweet that gold had steadily risen to less than 2% of its highs in November last year. However, he had accepted that despite gold doing reasonably well, it needed to rise more than 10% to return to its November highs as the investors were solely focused on the bearish market rally in Bitcoin. Thus, they failed to see any considerable growth in gold prices and the asset needed to perform outstandingly well to attract their attention.

Neither Is His Dislike for Bitcoin a Secret!

While the bitcoin critic has endorsed gold time and again, he has minced no words in deriding bitcoin either. In a tweet made a couple of weeks ago, he had likened Bitcoin to a digital pyramid scheme and said that the days of the digital currency were numbered and the owners would soon be left to HODL perpetually. He even went to the extent of saying that the delusion around Bitcoin would stop only if the supply of "fools" purchasing Bitcoin dropped significantly or if they ran out of all money so they can't invest in the coin anymore.