Peter Schiff: Investors buy Bitcoin to get rich, and they buy gold to preserve their wealth

Economist and gold advocate Peter Schiff posted on X, saying: "Most people who are now buying Bitcoin do so because they believe it will make them rich. Most of those who already own Bitcoin refuse to sell because they hold the same belief. The majority of those selling Bitcoin have already become wealthy, as they bought Bitcoin years ago and are now cashing in.

Many people who buy gold actually need it for business purposes. Investors buy gold not to get rich, but to preserve wealth or at least maintain the value of their existing assets. So there is a big difference between the two."

Later Schiff also said: "Today's bitcoin price has once again reached a new historical high. It is very likely that we will find out tomorrow that the buyer was Michael Saylor. This seems to be a trend, as this has happened every Monday for the past five weeks."