Famous Bitcoin Antagonist Peter Schiff Says “Bitcoin Cannot Be a Safe-Haven Asset During the Next Financial Crisis”
"He is doing this to instigate people"
Recently, the leading digital asset Bitcoin came down below the $8000 mark after failing to cross the resistance level of $9500 and has given its opponents a chance to criticize it.
One of them is Peter Schiff who is a well-known Bitcoin antagonist. He has found a reason to slam the leading digital asset once again and says that Bitcoin now cannot be regarded as a safe-haven asset.
Holders assumed wrong that BTC is a safe-haven asset
Recently, Peter Schiff showed on Twitter and stabbed Bitcoin. He said that right after the financial crisis of 2008, Bitcoin was created and the community has always thought of Bitcoin as a safe-haven asset and they still think that the leading digital coin can be the safe-haven of choice during the next.
But he says that they all have assumed it wrong and believe that Bitcoin cannot be a safe-haven of choice during the next financial crisis.
Bitcoin was created after the 2008 financial crisis and hodlers always assumed that it would be the safe-haven of choice during the next. Looks like they assumed wrong. If #Bitcoin is not a currency, not a store of value, and not a safe haven, then what is it and why own it?
— Peter Schiff (@PeterSchiff) March 9, 2020
Some of the assets such as crude oil in the global stock markets are facing a fall which means that the stock market is going down. Similar is the case with the leading digital asset Bitcoin which has recently fallen down. This is what Peter Schiff wants the bitcoin community to understand and believe that Bitcoin cannot be considered as a secure asset.
However, some people have tried to change the view of Peter Schiff about Bitcoin but they could not do that. Gabor Gurbacs, the Director of the digital assets division at VanEck, have made such an attempt to convince him regarding Bitcoin but Gabor also failed to convince him. As he said:
“It’s a waste of time. Many have explained to him and I even shared my presentation. He is doing this to instigate people. Not worth your time.”
However, the CEO of Ajoobz.com compares the dropping ratio of Bitcoin with that of the stock market and says that the loss in the price value of Bitcoin is less as compared to the loss of the Stock market. According to the CEO of Ajoobz.com, the price value of Bitcoin dropped by 9.2% while other stocks dropped by 30%.
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