$BTC ⭕ Peter Schiff, chief economist and global strategist at Europac, warned on Wednesday that millions of investors will lose more than they can afford to lose because of Bitcoin, noting that the mania surrounding speculation in the world's most famous cryptocurrency represents a time bomb.
⏪ Schiff said in a post on his account on the social networking site X - formerly Twitter - "It's not that I hate#Bitcoinitself, I hate the speculative mania in Bitcoin that has caused a major misallocation of capital, which will lead to millions losing far more money than they can afford, and which will distort the image of sound financial regulation and liberal principles."
⏪ Schiff added, "Once it becomes clear that the US government will not buy Bitcoin, those who bought in the hope of getting ahead of the purchase will sell."
⏪ Schiff is a vocal critic of cryptocurrencies, and the economist stresses that Bitcoin is not a legitimate store of value and sees gold as a safe haven in times of economic and geopolitical instability, emphasizing its intrinsic value and historical resilience.
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