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Peter Schiff, a prominent Bitcoin critic, advised cryptocurrency investors to sell their holdings before losing everything.
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My advice to anyone in crypto is to get out. For your useless Bitcoin, you could still get nearly 17000.
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He said, "I recommend you take it and purchase some gold."
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He believes that Bitcoin is not viable if you want to store long-term value or hedge inflation.
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Schiff tweeted, "It doesn’t have any value." "It's down 2/3 of its market value."
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This advice is based on market uncertainty that has resulted from the collapse of FTX.
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Schiff ultimately believes that gold is more resilient to economic downturns than cryptocurrencies such as Bitcoin.
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This is because it retains its intrinsic worth even when markets crash.
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He stated that gold is the best alternative to the US Dollar for inflation hedge and store of value.
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However, he added that Bitcoin does not satisfy any requirements.