The gold bug has urged investors to withdraw savings from banks and invest in the yellow metal
Schiff also suggested that the Fed's bank bailout puts all US bank deposits at risk. The risk comes not from bank failure but from inflation, he said. The value of all bank deposits will fall as inflation socializes the losses. Schiff urged anyone with savings in a bank to withdraw it fast and buy gold., Schiff predicted that Bitcoin will soon drop below $4,000 in response to a comment by MicroStrategy CEO Michael Saylor.
Schiff has been a long-time critic of Bitcoin, warning about its inevitable collapse for years. Despite Schiff's dire predictions, Bitcoin has proven to be a resilient asset, serving several bear markets. The Bitcoin bear has not wavered in his criticism of Bitcoin in spite of its continued resilience. He has suggested that the largest cryptocurrency is a speculative asset that has no real value and has urged investors to instead buy the lustrous metal.
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