Peter Schiff Counters Bitcoin’s Safe Haven Narrative Amid Forecast Of Impending Fiat Train Wreck: ‘There Is No Riskier Asset’

Renowned economist and market commentator Peter Schiff labeled Bitcoin (CRYPTO: BTC), the world’s largest cryptocurrency, as the riskiest asset on Tuesday.

What Happened:  Schiff took to X to voice his concerns about the leading digital asset, stating, “There is no riskier asset than Bitcoin (not counting the 20,000 altcoins).”

Risk-off assets are investments that tend to perform well when the market sentiment is negative. Schiff’s observation implied that Bitcoin was nowhere near being a safe haven like gold, an asset he strongly advocates for.

The remark was in reaction to serial entrepreneur and Bitcoin advocate Alan Knitowski, who argued that the leading cryptocurrency would soon become “risk-off” and decoupled from the effects of fiat currencies such as the dollar.