- Peter Schiff says more crypto millionaires to be affected following FTX collapse.
- Schiff believes Elon Musk is looking to move away from Bitcoin.
- According to Schiff, the cryptocurrency market will not recover.
Famous gold bug and economist Peter Schiff has criticized the cryptocurrency industry once again, this time mocking former FTX CEO, Sam Bankman Fried. In a December 23 tweet, the American economist noted:
The record number of young American adults living with their parents now includes former billionaire @SBF_FTX.
Schiff added that this is just the start of the Bitcoin collapse and expects more cryptocurrency millionaires to falter. “I expect many more former #crypto millionaires to return to the nest if they ever left in the first place,” he added.
Earlier on Monday, Schiff tweeted his thoughts on the FTX crash and the ensuing calls for stricter crypto regulation, stating:
It’s ironic that the big players in crypto are looking to government to save the industry with additional regulation.
The financial commentator also provided his latest insight on Elon Musk on December 22. He pointed out that Musk is following the renowned Silver advocate Wall Street Silver. According to Schiff, this suggests Musk is attempting to diversify his portfolio away from the unpredictable cryptocurrency industry by purchasing ‘real assets.’
Schiff had also cautioned that the price of Bitcoin, although falling with other financial assets, would not rise when the traditional market recovers. “Bitcoin isn’t a financial asset. It’s a collectible digital token,” Schiff continued. “The Bitcoin bubble popped, and collectors will be selling no matter what happens to financial assets.”
Furthermore, despite the cryptocurrency’s 21 million supply limit, the economist argues Bitcoin is not scarce. Schiff responded to a tweet on Tuesday claiming that Bitcoin is “the scarcest and most desirable asset the world has ever seen,” saying: “Bitcoin is hardly scarce and in no way desirable. If you want to lose your money there are plenty of ways to do it. You don’t need to buy Bitcoin.”
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