- Chief Economist says that this is not a crypto winter nor ice age, but crypto extinction.
- Schiff broke the previous keynote speaker’s advice to sell gold and buy Bitcoin.
- Gold is down 4%, and Bitcoin is down 73%, states Schiff in his Twitter post.
Chief Economist & Global Strategist of Euro Pacific Capital, Peter Schiff, wrote in a Twitter post that this was not a crypto winter that will be followed by a spring, which meant there wouldn’t be a prosperous time for crypto again.
This is not a #crypto winter. That implies spring is coming. This is also not a crypto ice age, as even that came to an end after a couple of million years. This is crypto extinction. But #blockchain will live on. #Gold will rise again to lead a new breed of asset-backed cryptos.— Peter Schiff (@PeterSchiff) November 14, 2022
Moreover, while elaborating on this point, Schiff stated that the hardship that the crypto industry was going through was not short-lived. In a more concise explanation, Schiff stated that this was not even the crypto ice age which eventually came to an end after millions of years, but rather a cryptocurrency industry extinction.
In his tweet, Schiff wrote:
“This is also not a crypto ice age, as even that came to an end after a couple of million years. This is crypto extinction. But blockchain will live on. #Gold will rise again to lead a new breed of asset-backed cryptos.”
Importantly, Schiff mentioned that gold will rise to lead asset-based crypto or stablecoins. Moreover, it seemed that Schiff preferred gold-backed crypto due to the less volatile nature of gold. In a Twitter post, Schiff compared the volatility of gold against Bitcoin.
Additionally Schiff shared a Twitter post where he delivered a keynote speech at the at DMCC’s Dubai Precious Metals Conference. In his tweet, Schiff recalls the advice given by Micheal Saylor, the keynote speaker of the previous year’s Dubai Precious Metals Conference.
As per the description in the tweet, Saylor, the co-founder of MicroStrategy, a company that provides business intelligence, advised the community to sell gold and buy Bitcoin.
Interestingly, Schiff debunked Saylor’s advice to sell gold and buy Bitcoin. Schiff’s Twitter post read: “On the day he⦗Saylor⦘ spoke Bitcoin traded above $60K while gold was trading near $1,850. Since then gold is down 4% and Bitcoin is down 73%.”
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