Peter Schiff Dismisses Bitcoin In Favor Of Gold

As he continues to bash Bitcoin (BTC), the American economist and gold bug Peter Schiff has recently challenged the status of the flagship decentralized finance (DeFi) asset as a safe haven amid geopolitical tensions, arguing that his favorite precious metal is the logical choice instead.

Peter Schiff, a prominent critic of Bitcoin, recently offered a critical perspective on the cryptocurrency's behavior amid market volatility. His observations revealed a striking disparity between Bitcoin and traditional safe-haven asset, gold.

Economist Peter Schiff illustrated the negative side of Bitcoin's stability with a warning that this could lead to a sharp decline in its market values. Schiff, as per his observations, shows that even the present streak of Bitcoin with the inability to hold $60,000 indicates that the “fringe crypto narrative/idea” is about to end.

Gold bug Peter Schiff has taken to the X social media network to proclaim that the "Bitcoin fad" is now over after the top cryptocurrency by market capitalization recorded yet another drop below the make-it-or-break-it $60,000 level.

Amid the rising geopolitical tensions and Israel's escalating attacks on Iran, Bitcoin and the broader cryptocurrency market took a beating with BTC price slipping under $60,000, for the second time this week. Risk-off sentiment has kicked in again as money moves back into safe-haven assets like Gold, Bonds, and USD.