This is not crypto winter, but crypto extinction, according to gold investor Peter Schiff.
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Answer This is not crypto winter, but crypto extinction, according to gold investor Peter Schiff.
For some time, the opportunity was not favorable for critics of the crypto market, as it is the case now, as the collapse of the FTX company caused a decline in the value of cryptocurrencies, which made the investor in gold, “Peter Schiff,” consider it a favorable opportunity to pounce on the market with harsh criticism.
Schiff explained on Monday that he was scheduled to deliver a keynote presentation at the Dubai Precious Metals Conference (DPMC) on November 21-22.
He explained on Twitter:
Last year, the keynote was delivered by Michael Saylor of Microstrategy.
He asked the public to sell all their gold and buy bitcoin.
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On the day he spoke, bitcoin was trading above $60,000, while gold was trading near $1,850.
Since then, gold is down 4% and bitcoin is down 73%.
The DPMC conference schedule states that financial expert and author Peter Schiff will discuss the end of dollar dominance, the demise of bitcoin, and the global re-monetization of gold.
Before revealing he was attending DPMC, Schiff criticized Super Bowl champion Tom Brady’s association with FTX.
Schiff explained that the cryptocurrency economy was the first to break since the US Federal Reserve began its cycle of quantitative tightening.
In Schiff’s opinion, cryptocurrencies are just the weakest link in the chain of risk, with the highest leverage and the lowest real value.
Schiff also believes that the cryptocurrency rally will never be repeated and the Bitcoin mania is over.
From what Schiff tweeted:
This is not crypto winter.
Where after winter it can be said that spring is coming.
This is also not an ice age for cryptocurrency, even though it ended after 2 million years.
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This is crypto extinction.
But blockchain technology will live on.
Schiff added that gold will rise again to lead a new breed of asset-backed cryptocurrency.
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