Gold bug Peter Schiff is encouraging cryptocurrency investors to sell their bitcoin now after the price failed to appreciate following an emergency rate cut by the Federal Reserve.
Schiff, who has become a regular critic of bitcoin and cryptoassets, published a tweet on Mar. 4 criticizing BTC’s lack of response to the Federal Reserve slashing interest rates by 0.50%. The economist pointed out that bitcoin failed to take advantage of the current volatility in the stock and bond market, despite being hailed as a safe-haven asset.
If @Bitcoin can't rally with an emergency 50 basis point rate cut, plus all of the recent stock, bond, currency and gold market volatility, under what circumstances will it rally? If Bitcoin won't go up, why own it? The answer to that question is “sell.” Look out below!
— Peter Schiff (@PeterSchiff) March 3, 2020
Schiff took the opportunity to promote gold amidst the global economic unrest caused by the coronavirus. He published a Yahoo Finance interview explaining that emergency interest-rate cuts by the Federal Reserve have historically benefited the price of gold.
Gold to boom after Fed's coronavirus rate cut https://t.co/IM6ndjs97B via @YahooFinance
— Peter Schiff (@PeterSchiff) March 4, 2020
Schiff, who gained renown for predicting the 2008 financial collapse, has become a regular pundit for gold while being skeptical of bitcoin and crypto-assets.
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