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Danger Signals for Bitcoin

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In an interview Thursday on the TD Ameritrade Network, prominent Bitcoin critic Peter Schiff urged cryptocurrency investors to sell their holdings and spend profits on physical gold before they lose it all. “My advice to crypto people is to stay away.

You can still get close to 17000 for your worthless Bitcoin. I would suggest you use it to buy some gold,” he said. In his opinion, Bitcoin is not a viable investment option for those looking for long-term protection of profits or a hedge against inflation. “This makes no sense,” Schiff tweeted. “It’s down to two-thirds of its market price.”

This recommendation follows the recent market uncertainty resulting from the failure of the FTX exchange. Schiff has repeatedly spoken out against Bitcoin and other cryptocurrencies, citing its inherent lack of value and high volatility as his main concerns. Schiff believes that gold is a long-term and reliable store of value and offers great opportunities for reliable income in the future.

Finally, Schiff believes that gold offers better protection against economic downturns because it retains its value even when the market falls, while cryptocurrencies like Bitcoin offer little insurance in this regard. “If you are really looking for an alternative to the US dollar for a store of value, a hedge against inflation, gold will meet these requirements,” he said, adding that Bitcoin meets “no is required.”

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