Veteran economist strikes again: Bitcoin experiences a big dump of 28%, while the Nasdaq is just 2% away from hitting a new high.

[Coin World] Over the weekend, a veteran economist fired another shot. Peter Schiff has directly labeled Bitcoin as “a false asset” this time, and brought out a bunch of data to prove his point.

What did he say? It's clear from the numbers - when the Nasdaq Composite Index was just a little bit less than 2% away from its historical high (, Bitcoin had already dropped more than 28% from its peak. Schiff believes this is the market making a choice, with money starting to flow from “fake assets” to “real assets.”

Interestingly, this economist had previously stated that Bitcoin was like “digital tech stocks”, but it seems he has changed his mind.

Of course, data can be interpreted in many ways. Bitcoin has indeed been somewhat similar to the fluctuations of the Nasdaq index recently, but if we look at it over a longer period – in the past five years, Bitcoin has risen by 337%, while the Nasdaq index has increased by 89.75%. That gap is not insignificant.

But Schiff clearly isn't buying it. He ultimately dropped a harsh remark: companies that treat cryptocurrencies as a means of fund management are “doomed to fail”.

How does the market view it? Investors have their own judgments. However, one thing is certain: the debate about whether Bitcoin is a “real asset” probably won't stop anytime soon.