In an interview at the New Orleans Investment Conference on Thursday, Peter Schiffchief market strategist at Euro Pacific Asset Managementexpressed his skepticism towards cryptocurrencies, although he remains bullish on gold.
What happened
Speaking to Kitco News, Schiff maintained a positive outlook for gold prices, noting that the precious metal is in “unexplored territory” and without “resistance.”
He stated, “I don’t think gold will go back to 2,000,” indicating that it is heading toward “much higher levels without any resistance.”
Schiff predicted that gold prices could double or triple compared to current levels.
As for the underperformance of gold Mining stocks versus gold itself, Schiff attributed this to a lack of conviction on the part of investors.
He suggested that retail investors could be distracted by Bitcoin ETFs or companies like MicroStrategy (NASDAQ:MSTR).
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Why is it important
As for the Bitcoin (CRYPTO:BTC), Schiff harshly criticized the senator’s proposal Cynthia Lummis (R-WY) to sell US gold reserves to buy Bitcoin.
He called the idea “betrayal” and the “worst monetary mistake” the US could make, arguing that Bitcoin is not a viable reserve asset due to its volatility in the market.
He stressed that Bitcoin was supposedly created as an “alternative to the government,” but has now become “completely dependent on the government, because it is the government that is creating all the demand.”
Schiff also expressed concerns about MicroStrategy’s Bitcoin purchasing strategy, predicting that it could end in bankruptcy.
“The only way this is going to end is in a MicroStrategy bankruptcy, and in a MicroStrategy bankruptcy, where all the creditors force the liquidation of all Bitcoin, Bitcoin also collapses,” Schiff prophesied.
Although Schiff admitted to regretting not buying Bitcoin when it was around $1, he emphasized that this does not mean he would buy it now.
Previously, Schiff repeatedly expressed regret for not buying Bitcoin to bet that “others would be fools.”
Photo courtesy of Shutterstock
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