In a recent statement, outspoken Bitcoin critic Peter Schiff argued that Bitcoin’s latest performance further validates why it’s unsuitable as a reserve asset. “When everything is falling, Bitcoin falls the most. How can you use a reserve asset that falls more than the asset you are hedging against?” he questioned.
Schiff also voiced his opinion on the Federal Reserve’s current course of action. He believes the Fed should raise interest rates further and let the market correct itself, even if it leads to a market collapse and a recession. “Of course, the stock market will collapse, the real estate market will collapse, and we will have a hard landing. This will be a recession. But unfortunately, this is what we need. Not because it’s fun, but because it’s necessary,” Schiff asserted.
He further warned, “Now, if you don’t want to experience this necessary collapse, then the Fed should not make a deal with the devil, because sooner or later the devil will come to collect the debt.”
