#BTCBreaksATH

In his firm stance against cryptocurrencies, Schiff made a statement after Bitcoin reached an all-time high of $113,833 today.

He warned investors who saw this surge as an opportunity, noting that Bitcoin does not offer a fundamental business model.

Schiff said in his statement: "The logic behind Bitcoin or Ethereum treasury companies is to exploit naive investors willing to buy shares of companies that do not have a real business model at inflated prices." He added that those seeking to profit from this speculation are "fools as well".

The famous economist claimed that these levels are the perfect time to sell Bitcoin and buy.