Peter Schiff, president of Euro Pacific Capital and Bitcoin critic, said there is ‘nothing lower-quality than cryptocurrencies’.
Until recently the rally in highly speculative assets excluded #Bitcoin. Now that Bitcoin has finally joined the party, perhaps it’s a sign that the party will soon end. Usually rallies end when the lowest quality stuff finally participates. There’s no lower quality than #crypto.
— Peter Schiff (@PeterSchiff) June 23, 2023
\”Until recently the rally in highly speculative assets excluded Bitcoin. Now that it has finally joined the party, it is likely to end soon,\” he wrote.
According to Schiff, such rallies usually end when the lowest-quality assets finally join in, such as digital assets.
In March, the president of Euro Pacific Capital called for selling the first cryptocurrency and buying gold amid Silvergate Bank’s troubles.
In May Schiff announced his own collection of non-fungible tokens based on Bitcoin.
On June 23, Bitcoin traded above $31,000. The market capitalization of digital assets surpassed $1.2 trillion.