Investor Peter Schiff Predicts Crypto Extinction

Peter Schiff predicted the 2008 financial crash — now he sees the total destruction of digital currencies very soon. With the massive pullback in cryptocurrency prices and the collapse of crypto exchange FTX, the term “crypto winter” is now making headlines.

Photo Insert: “This is crypto extinction.” That’s a dire warning. But it’s not the first time Schiff has sounded the alarm.

But Peter Schiff, CEO and chief global strategist at Euro Pacific Capital, doesn’t believe that’s an accurate term to describe the situation, Jing Pan reported for MoneyWise.

“This is not a #crypto winter. That implies spring is coming. This is also not a crypto ice age, as even that came to an end after a couple of million years,” he writes in a tweet.

“This is crypto extinction.” That’s a dire warning. But it’s not the first time Schiff has sounded the alarm.

Last year, when bitcoin hit $50,000 and the upward momentum seemed unstoppable, he said “While a temporary move up to $100K is possible, a permanent move down to zero is inevitable.” If you share the same view, you probably want to know where Schiff is finding refuge in this ugly market.

Since Euro Pacific Asset Management has just released its latest 13F filing — a report that institutional investment managers file quarterly to disclose their holdings — investors should look at Schiff’s portfolio, and he puts a premium on gold.

“The problem with the dollar is it has no intrinsic value,” he once said. “Gold will store its value, and you'll always be able to buy more food with your gold."

That is why he has 1.655 million shares of Barrick Gold, 431,952 shares of Agnico Eagle Mines, and 317,495 shares of Newmont. Schiff has shares in cigarette manufacturers as well as the fertilizer company Nutrien.

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