Peter Schiff explained how Bitcoin impacted the mentality of institutional investors in the yellow metal Investment interest.
Peter Schiff is the chief global strategist of Euro Pacific Capital and in the crypto space, he is known as a hater of digital assets. In the past, Schiff criticised Bitcoin & Bitcoin Investors and claimed that Bitcoin will lose its all value in near future.
On 23 Dec, Peter Schiff appeared in an interview with Kitco news. In the interview, Schiff said that when Bitcoin was performing well then at that time people promoted Bitcoin as a digital version of Gold and this was the main reason why big institutions showed Inclination toward Bitcoin buy interest.
Bitcoin was performing right. It was going up while gold was going sideways, but Bitcoin was marketed as digital gold. That was a whole selling point,” Schiff said.
Further, Schiff admitted that Gold lost significant institutional Investment because of Bitcoin because Bitcoin was overperforming Gold.
” I think that the margins took away some demand from gold. I mean, maybe some institutions would have bought gold, but because Bitcoin was there competing with it, they didn’t buy gold, maybe they didn’t buy Bitcoin either,” a global strategist explained.
Furthermore, Schiff claimed that Gold will always remain a better investment option over Bitcoin because Bitcoin will lose its value.
Bitcoin critic also shared his opinion on many bankruptcy events of the crypto space and noted that there is no need to introduce regulation on this sector because FTX collapse-like events will happen under regulatory frameworks also.
In the last, Schiff suggested crypto investors get out from this crypto market during a bull run, otherwise their money is going to be lost in this market.