Peter Schiff On The Bitcoin Crash: "Get The Hell Out"

Challenged on why two or three down years would matter for Bitcoin when gold and the Nasdaq have had similar streaks before recoveries, Peter Schiff says the difference is the backdrop. When a market can’t go up on the best news it has ever had, he argues, that normally indicates that it’s going to go down. He calls Bitcoin “all hype,” with no intrinsic value, income, or dividends, and says much of the supply now sits with ETF investors and Bitcoin treasury companies rather than people who want to use it as money. All of that hot money, he warns, is going to exit, the market will go down faster than it went up, and he expects a massive washout. Even long-term bulls, he says, will have cheaper opportunities after leveraged speculators are cleared out, and he adds that this is not the time to be hodling.

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