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International Business Times

Business

Peter Schiff Isses Stark Warning As Crypto Bear Market Erases Year Worth of Gains

Peter Schiff Bitcoin Michael Saylor Crypto Gold Strategy Yahoo Finance

Peter Schiff says Bitcoin is a 'pure Ponzi scheme' in this 2023 interview. Yahoo Finance | YouTube Channel (Credit: Yahoo Finance YouTube Video/Screenshot)

Precious metal gold has broken the $4,100 mark, while Bitcoin struggles to stay above $96,000. Peter Schiff, renowned gold advocate and CEO of Euro Pacific Capital, has issued a stark warning: sell Bitcoin before the pain worsens.

Schiff has long been critical of cryptocurrencies, often clashing with Bitcoin supporters like Michael J. Saylor, executive chairman of Strategy Inc., a company known for accumulating Bitcoin. According to an SEC Form 8-K filing, Strategy purchased roughly $49.9 million worth of Bitcoin on November 3 and 9, at an average price of $102,557.

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