Peter Schiff On Why He'll Buy Bitcoin When US Stocks Crash

IconCryptoNewsTerminal Staff29 May, 2024

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Peter Schiff On Why He'll Buy Bitcoin When US Stocks Crash

Selling all US-listed stocks and investing in Bitcoin is the only way the cryptocurrency will reach $1 million, according to gold bug Peter Schiff. Schiff, CEO of Euro Pacific Capital, said: "The only way Bitcoin could go to a million dollars is if every single US-listed company were to shut down, lay off all their employees, and sell all the assets they own, to buy Bitcoin." He added: "In this scenario, the entire US stock market would go to zero, and everyone would be rich." Schiff is a well-known Bitcoin skeptic and has repeatedly criticized the cryptocurrency. In 2018, he said: "Bitcoin is a giant Ponzi scheme, and it's going to end badly." However, Schiff's latest comments suggest that he believes Bitcoin could reach $1 million if the US stock market crashes.

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