RATE Group | Peter Schiff uses oil slumps to criticize Bitcoin
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Peter Schiff uses oil slumps to criticize Bitcoin

23 Apr Peter Schiff uses oil slumps to criticize Bitcoin

Posted at 06:05h in Bitcoin News by

  • Economist Peter Schiff spoke against Bitcoin’s asset class stance and volatility.
  • He said that the recent oil plunge into negative territory does not validate Bitcoin’s buying narrative. 

Popular economist and Bitcoin critic, Peter Schiff, used the recent oil slumps to criticize the leading cryptocurrency yet again. He took Twitter to speak against Bitcoin’s asset class stance and volatility.

Schiff, the CEO and CGS of Euro Pacific Capital, said:

Bitcoin bugs claim that oil’s plunge into negative territory validates Bitcoin as an asset class, as despite its high volatility and big drops, its price never fell below zero. I agree that the down side risk in #Bitcoin is limited to 100%. Not exactly a compelling reason to buy!

The US crude oil prices fell below $0 very recently to $-37.63 per barrel. This is the lowest level since NYMEX opened oil futures trading back in 1983. Though prices are regaining some of the lost value, oil’s near future…

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