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Bitcoin Failed as Risk Asset, Digital Gold and Non-correlated Asset, Says Peter Schiff

Wed, 01/04/2023 - 08:25
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Arman Shirinyan
Schiff believes that Bitcoin has no value whatsoever, as always
Bitcoin Failed as Risk Asset, Digital Gold and Non-correlated Asset, Says Peter Schiff
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Discussions about the true purpose of Bitcoin have not subsided during both uptrends and downtrends, and Peter Schiff believes the first cryptocurrency failed as any kind of asset, including a safe haven asset, store of value or risk-on investment tool.

According to the economist and gold advocate, Bitcoin does not bring the same amount of value in comparison to the risk investors have to take every time they gain exposure to the cryptocurrency. Instead of becoming exposed to the risks of the cryptocurrency industry, investors should choose "superior" alternatives, Schiff believes.

Though cryptocurrency markets are in a depressing state at this point in time, Schiff does not see the recovery of the industry in the foreseeable future after stating that BTC would not succeed as a risk asset in perspective.

Bitcoin enthusiasts and fans rushed to disagree with the famous crypto critic and stated that the first cryptocurrency is far more valuable than a risk exposure tool. According to some pro-Bitcoin experts and analysts, the first cryptocurrency will eventually become a substitute for continuously degrading fiat currencies.

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Schiff told those who believe in Bitcoin's superiority that it cannot act as a safe haven, as people are losing more money on BTC than on any other class of asset. Though Schiff is technically right when talking about the first cryptocurrency's performance in the last year, it is important to note that Bitcoin and a batch of other cryptocurrencies would be far more profitable than any other investment instrument on the 5-10 year timeframe.

At press time, Bitcoin is trading at $16,867 with a 1.1% price increase in the last 24 hours.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.