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Economist and long-time Bitcoin skeptic Peter Schiff has urged investors to abandon digital assets in favor of physical commodities.
"Big moves are coming in precious metals and Bitcoin. Investors need to prepare. For gold and silver, that means buying more physical metal and loading up on still incredibly undervalued mining stocks," he said.
He claims that Bitcoin holders have to sell now before the next "crash."
"A huge sucker's rally"
Earlier this week, he also opined that there was a huge sucker’s rally in Bitcoin, dismissing the cryptocurrency's recent gains.
When asked why anyone would buy Bitcoin instead of gold or silver, he simply implied the choice made little sense in an uncertain macro world.
In another reply, he also took a shot at Saylor's Strategy, noting that the stock trades at a discount to its Bitcoin holdings, "the more Bitcoin you buy, the more MSTR’s share price should fall."
He argued that some traders were exiting gold and silver mining positions to chase short-term gains in Bitcoin ETFs and MicroStrategy ($MSTR), a move he deemed ill-advised.
"That’s a big mistake, and savvy traders should take advantage by buying mining stocks and selling Bitcoin and MSTR," Schiff said.
Earlier this week, the price of the leading cryptocurrency spiked to an intraday high of $97,939 on Jan. 14. However, it has since retraced its gains.
"Bitcoin will kill itself"
Schiff's long-term predictions are also not-so-rosy. In a social media post published on Jan. 7, Schiff predicted that Bitcoin would "kill itself and those who own it" by 2035.
In the meantime, investment firm VanEck is predicting that Bitcoin could potentially hit $1.9 million by 2050.
"These guys were hired to be bullish on Bitcoin. Their analysis is worthless," he snapped on Jan. 12.
Alex Dovbnya
Arman Shirinyan
Caroline Amosun