RATE Group | Bitcoin price comes crashing, when this should be glory days says Peter Schiff
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Bitcoin price comes crashing, when this should be glory days says Peter Schiff

12 Mar Bitcoin price comes crashing, when this should be glory days says Peter Schiff

Posted at 17:53h in Bitcoin News by

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(Kitco News) – With bitcoin plummeting over 30% in a 24-hour period to trading levels of $5,683, the lowest level in 10 months, a longtime critic of the cryptocurrency said that the coin is showings its true colors.


“We’ve now answered the question that really wasn’t a question in my mind, but there was a debate going on as to whether or not bitcoin was a safe haven, a store of value, an asset that people would flock to in times of trouble and financial turbulence,” Peter Schiff, founder of EuroPacific Capital said during an interview with Kitco News’ Daniela Cambone.


“The answer is, no, it’s not a safe haven asset. It is a very risky asset. The price of bitcoin has collapsed by more than the stock market during the last several weeks and in fact, it’s not even a non-correlated asset,” Schiff said.


As of press time, the crypto was rebounding and currently trading at $6,112, down 23% on the day.


Schiff explained that the most well-known…

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