On Thursday, December 29, well-known cryptocurrency critic Peter Schiff gave an interview to TD Ameritrade Network. The expert urged users to sell their bitcoins, buying physical gold in return. He noted that investors can still get about $17,000 for their "useless bitcoin" and spend the funds to buy precious metals.

As Schiff noted, Bitcoin cannot be considered as a viable investment that can protect the investor's capital from economic shocks over a long distance. This is primarily due to the fact that bitcoin itself has no value, the expert stressed.

Such statements by Schiff are not surprising, since he is known for his critical stance towards cryptocurrency. The specialist has repeatedly noted that digital assets have no intrinsic value, plus they have high volatility. And this does not allow them to be used as a full-fledged protective tool.

Schiff believes that gold is the safest and most reliable means of saving, which has an impressive potential for growth over a long period of time. The expert stressed that precious metals provide much better protection from economic shocks.

At the same time, this asset class is able to maintain its intrinsic value even in a market crash. As for the main cryptocurrencies, they cannot boast of this.

Concluding his speech, Schiff said: if an investor is looking for a decent alternative to investing in the US dollar to hedge risks, then gold satisfies these requirements. In turn, bitcoin is not able to meet any investment requirements, the expert summed up.