BTC Price Drops Below $64K as Peter Schiff Urges Investors to Sell Bitcoin

The popular precious metal bug also called BTC the anti-gold.

Bitcoin’s price has made its first notable move since the end of the previous business week after it was rejected at $65,200 earlier today and has dropped by a grand and a half within minutes.

The full-on crypto critic Peter Schiff used the opportunity to lash out at the asset’s price moves by comparing it with gold and by weighing in on Strategy’s latest moves.

In one post, the economist said the Saylor-led company has apparently given up on the idea of digital credit, as it just announced its fourth BTC sale of the year. He believes Strategy has turned to the ‘good’ old-fashioned fiat money as superior protection since “lenders don’t have confidence in Bitcoin as collateral.” As such, he advised investors to “sell MSTR and sell Bitcoin now!”

Schiff took another stab at the cryptocurrency in a subsequent post, but this time by comparing it with gold. As reported over the weekend, the precious metal rebounded from the $4,000/oz support and gained 8% within a single week as China and other central banks continued to make large accumulations.

In contrast, BTC was stopped at $65,000 and remains deep in the red on a YTD scale. The asset just slipped below $64,000, and Schiff called bitcoin the “anti-gold.”