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Gold bug and economist Peter Schiff has warned that the price of bitcoin may not rise when other financial assets rebound, even though the crypto fell alongside them. \u201cThe bitcoin bubble popped and collectors will be selling no matter what happens to financial assets,\u201d he predicted.<\/strong><\/p>\n Economist and gold bug Peter Schiff shared his thoughts about the future of bitcoin and cryptocurrency in a series of tweets this week. He wrote Monday:<\/p>\n The fact that bitcoin fell along with financial assets doesn\u2019t mean that it will rise once those markets turn.<\/p>\n<\/blockquote>\n \u201cBitcoin isn\u2019t a financial asset. It\u2019s a collectable digital token,\u201d Schiff continued. \u201cThe bitcoin bubble popped and collectors will be selling no matter what happens to financial assets.\u201d<\/p>\n The economist also believes that bitcoin is not scarce despite the cryptocurrency\u2019s 21 million supply cap. Responding to a tweet Tuesday stating that BTC<\/a> is \u201cthe scarcest and most desirable asset the world has ever seen,\u201d Schiff said:<\/p>\n Bitcoin is hardly scarce and in no way desirable. If you want to lose your money there are plenty of ways to do it. You don\u2019t need to buy bitcoin.<\/p>\n<\/blockquote>\n Replying to another tweet claiming that bitcoin is a risk asset rather than digital gold, Schiff claimed that BTC<\/a> is \u201cMore like a fool\u2019s asset.\u201d He asserted: \u201cSo, as long as people are foolish enough to buy bitcoin, the price will go up. Unfortunately for bitcoin HOLDers though there are plenty of fools in the world, I don\u2019t think there are many left willing to buy bitcoin who don\u2019t already own it.\u201d<\/p>\n Schiff is the founder and current chairman of Schiffgold, a precious metals dealer specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly bashing the crypto while promoting gold.<\/p>\n Commenting on the collapse of FTX and subsequent calls for stronger crypto regulation<\/a>, Schiff tweeted Monday:<\/p>\n It\u2019s ironic that the big players in crypto are looking to government to save the industry with additional regulation.<\/p>\n<\/blockquote>\n \u201cThis goes against the very core of the original promise of Bitcoin, which was to be the free market alternative to the corrupt government fiat monetary system,\u201d he added.<\/p>\n In November, Schiff warned that bitcoin has a long way to fall<\/a>, valuing BTC<\/a> at $10K. He also believes that the U.S. dollar will crash<\/a> and the Federal Reserve\u2019s actions will lead to a massive financial crisis<\/a>.<\/p>\nPeter Schiff\u2019s Bitcoin Outlook<\/h2>\n
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