Peter Schiff, the CEO of Euro Pacific Capital and a renowned Bitcoin skeptic, has advised investors it could be their final opportunity to convert their Bitcoin (BTC) assets into gold and silver. Failing to do so, according to him, may result in enduring poverty.
After experiencing a significant increase of over 63% this year and an impressive gain of over 158% within the past six months, Bitcoin’s price reached approximately $69,000. However, it has failed to advance further in the last month. Following this price plateau, Schiff made his comments.
On microblogging site X, where Schiff now has over a million followers (previously referred to as Twitter), he recommended switching from Bitcoin investment to purchasing gold and silver at current advantageous prices.
Bitcoin #HODLers, this could be your final opportunity to sell your Bitcoins and purchase gold and silver at attractive prices. If you don’t seize the moment, good luck getting rich.
— Peter Schiff (@PeterSchiff) April 4, 2024
Schiff frequently expresses opinions contrary to the Bitcoin community. In February 2021, when Bitcoin reached $50,000, he forecasted a significant decrease to zero as an eventuality, even though there was speculation of a short-term surge to $100,000.
Schiff’s cautionary message stands in stark contrast to the optimism of many cryptocurrency investors. Cathie Wood, CEO of Ark Invest, has famously predicted Bitcoin could reach $1.5 million by 2030, a staggering increase of over 2,000% from its current price around $69,000.
The optimistic outlook towards Bitcoin’s price rise recently doesn’t change Schiff’s negative viewpoint. He has previously compared the current market conditions to the steep decline in Bitcoin’s value last November, following its record high above $69,000.
In a recent post on X, Schiff expressed that the price of Bitcoin had fallen below $16,000 per coin a year later, following an almost 80% decrease. Despite his doubts, the prominent American financial commentator and author has confessed to feeling remorseful for not purchasing Bitcoin back in 2010 when it was nearly worthless.
More recently, Julio Moreno, the Research Chief at CryptoQuant, disclosed that the desire for Bitcoin among its long-term owners has surpassed its availability for the first time. According to their findings, the need for Bitcoin from these permanent holders is now more significant than the amount being released into circulation.
According to data from CryptoQuant, approximately 9.8% (around 1.94 million) of the entire circulating Bitcoin supply of approximately 19.67 million coins is currently held in known exchange wallets.
The amount of Bitcoin stored in exchanges has been decreasing since its highest point of 2.85 million BTC in July 2021. This reduction in available Bitcoin on exchanges indicates that investors have been adopting a buy-and-hold approach, rather than engaging in frequent trading transactions.
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2024-04-10 20:09