Euro Pacific Capital president and bitcoin critic Peter Schiff stated that there is “nothing as inferior as cryptocurrencies.”
Until recently the rally in highly speculative assets excluded #Bitcoin. Now that Bitcoin has finally joined the party, perhaps it’s a sign that the party will soon end. Usually rallies end when the lowest quality stuff finally participates. There’s no lower quality than #crypto.
— Peter Schiff (@Peter Schiff) June 23, 2023
“Until recently, a rally in highly speculative assets ruled out bitcoin. Now that he has finally joined the party, it will probably be over soon,” he wrote.
Typically, such rallies end when “the lowest quality stuff,” like digital assets, eventually joins them, Schiff said.
In March, the president of Euro Pacific Capital called for selling the first cryptocurrency and buying gold amid Silvergate Bank’s troubles.
In May, Schiff announced his own collection of non-fungible bitcoin-based tokens.
Recall that on June 23, the quotes of the first cryptocurrency exceeded the level of $31,000. The capitalization of the digital asset market crossed the mark of $1.2 trillion.
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