Speaking during an interview with Fox Business on June 15, Schiff stated that Bitcoin and the rest of the cryptocurrencies have no intrinsic value and should be classified as collectables while warning of more capital outflows. According to the expert, despite Bitcoin being a more advanced asset, it still lacks value noting that it has no real-world uses and will zero out in line with the general market.
Bitcoin’s value compared to gold
Schiff expressed preferences for other asset classes like gold, noting that the physical aspect gives it an edge over Bitcoin. Although the current crypto market crash has cast doubt on Bitcoin’s ability to serve as a store of value, the economist stressed that the number one ranked digital asset has no underlying value since it cannot be classified as a commodity. Recently, Schiff warned investors against buying in the current dip, projecting that Bitcoin will collapse to below $20,000 amid fears of a recession. He stated that the market would likely lose more capital as investors convert their holdings into fiat to manage the rising cost of living. In line with his prediction, Bitcoin is struggling to stay above the $20,000, with the asset trading at $21,600 by press time.
