based on materials from the site -
By CoinoMedia
Gold supporter and longtime cryptocurrency critic Peter Schiff has once again unleashed criticism on the digital asset market. In his latest comments, Schiff warned that people using their 401(k) retirement accounts to invest in cryptocurrencies are not investing at all, but rather gambling.
According to Schiff, the volatility and speculative nature of the cryptocurrency market make it an unsuitable place for retirement savings. He argued that investors should focus on assets with a proven history of stability and long-term growth, rather than chasing high-risk opportunities.
The spread of cryptocurrency retirement plans has attracted a new wave of investors looking to diversify their portfolios. Some platforms now allow workers to invest a portion of their 401(k) funds into cryptocurrencies like Bitcoin and Ethereum.
However, Schiff warns that such actions could jeopardize decades of savings. "Retirement accounts should be protected from sharp market fluctuations, not subjected to them," he said. He is concerned that market downturns could wipe out a significant portion of retirees' savings.
While Schiff's comments resonate with risk-averse investors, cryptocurrency advocates argue that digital assets can provide high returns and protect against inflation. Cryptocurrency supporters believe that with proper allocation and long-term holding, cryptocurrency can be a valuable addition to a retirement portfolio.
The debate reflects a broader divide in the financial world: are cryptocurrencies the future of the financial system or a speculative bubble? So far, Schiff has clearly stated his position: he views investing in cryptocurrency through 401(k)s as an adventure that most retirees cannot afford.
#MarketRebound , #Сryptomarketnews
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