Opinion: Bitcoin's recent performance proves that it is not suitable for being a reserve asset

Peter Schiff, a gold advocate and economist, says Bitcoin's recent performance shows why it is not fit to be a reserve asset. Bitcoin falls the most when everything is falling. How can you use a reserve asset that has fallen more than the asset you are hedging?
In addition, Peter Schiff also said that the right thing for the Federal Reserve to do now is to raise interest rates further and let things take their course. Of course, the stock market will crash, the housing market will crash, and we will have a hard landing. This will be a recession. But unfortunately, this is what we need. Not because it's fun, but because it's necessary. Now, if you don't want to experience this necessary collapse, then the Federal Reserve should not make a deal with the devil, because the devil will come to collect debts sooner or later.