Renowned economist Peter Schiff, known for his harsh stance against cryptocurrencies, issued a statement after Bitcoin reached a new all-time high of $113,833 today.
Schiff warned investors who saw this rise as an opportunity, arguing that Bitcoin did not offer a basic business model.
“The logic behind Bitcoin or Ethereum treasury companies is to exploit naive investors who are willing to buy shares of companies with no real business model at higher premiums,” Schiff said in his statement. But those who aim to profit from this speculation are likewise “fools themselves,” according to Schiff.
The renowned economist claimed that these levels are the perfect time to sell Bitcoin and buy silver, saying:
“With Bitcoin reaching new highs today, it’s a great time to sell some and buy silver. Even if Bitcoin continues to rise for a while, silver is likely to rise even higher. Furthermore, while Bitcoin could easily crash, the downside risk in silver is quite limited.”
However, despite all his hostility towards BTC, Schiff recently sold an NFT collection of his own on the Bitcoin network.
At the time of Schiff’s announcement, Bitcoin reached a new record high of $113,833.84, according to CoinMarketCap. Total market capitalization rose 3.34% to $2.24 trillion, while 24-hour trading volume increased 55.29% to $68.52 billion.
*This is not investment advice.