JAKARTA One of Bitcoin's critics, Peter Schiff, recently commented on the collapse of the leading crypto trading company, FTX. Schiff also explained on Monday, November 14, that he is scheduled to deliver a major presentation at the Dubai Precious Metals Conference (DPMC) which will be held on November 21-22.
Last year the keynote was delivered by [Michael Saylor of Microstrategy], Schiff tweeted.
He told the audience to sell all their gold and buy Bitcoin. On the day he spoke, Bitcoin traded above 60 thousand US dollars, while gold traded close to 1,850 dollars. Since then gold fell 4 percent and Bitcoin fell 73 percent.
Information from the DPMC said that financial experts and writers will discuss the end of the hegemony of the dollar, bitcoin's destruction, and global gold renetization. Before revealing that he attended the DPMC, Schiff criticized Super Bowl champion association Tom Brady with FTX. Brady and his partner suffered a loss of around $650 billion, as a result of FTX's bankruptcy.
With bitcoin so far below the $100K target, I think it's time for you other [hodlers] to follow [Tom Brady] and remove laser beams from your eyes on your Twitter profile. Tom Brady won't be GOAT if he doesn't learn from his mistakes," Schiff said.
The Bitcoin vocal critic also added that the Fed's policy with its quantitative tightening has caused the crypto economy to be affected. Schiff said cryptocurrencies are just the weakest chain in the risk chain, have the greatest leverage and the least real value.
"The chain is weaker and more likely to fail," he added.
Schiff also recently noted that he disagreed with Shark Tank star Kevin O'Leary, alias Mr. way, when O'Leary said he was "will fly to Washington" because he wanted crypto regulation right away.
Schiff disagrees with O'Leary. He considered that government regulation against crypto assets was not the right solution. Schiff gave an example of the FTX collapse incident so that investors don't stupidly jump on speculation over crypto asset prices.
More government regulations are not the solution. The lesson from FTX is that investors carry out better due diligence and not just by tricking them into speculative jumps. Also, we need healthy money with interest rates set by the free market, not the central bank," concluded cryptocurrency critic Peter Schiff.
Furthermore, he considered that the increase in crypto prices was over. What happened in the 2021 bull run was fraud, as reported by Bitcoin.com News.
"It's not crypto winter," Schiff wrote.
This implies spring is coming. It's also not a crypto ice age, because it's even over after a few million years. It's a crypto extinction. But blockchain will continue to live. Gold will rise again to lead a new generation of asset-backed cryptocurrencies," he said.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
