As Bitcoin soared to a record high of $117,000, longtime crypto critic Peter Schiff resurfaced with a sharp warning for investors riding the wave.
The economist, known for his unwavering belief in precious metals over digital assets, called the surge “an ideal moment to exit.”
Schiff dismissed Bitcoin-centric companies as hollow ventures, accusing them of luring in uninformed investors with no underlying business fundamentals. “Anyone chasing these stocks or tokens is being duped—or worse, doing the duping,” he claimed.
In a statement, he urged holders to use this price peak to offload Bitcoin and rotate into silver, which he believes carries far less downside risk. “Even if Bitcoin climbs further, silver has more room to run with less chance of collapse,” he argued.
Interestingly, despite his anti-Bitcoin stance, Schiff recently capitalized on the network himself—selling a personal NFT collection on Bitcoin, revealing a more complex relationship with the asset he so often condemns.
Source: https://coindoo.com/peter-schiff-slams-bitcoin-rally-urges-investors-to-shift-to-silver/