Bitcoin
Schiff: Bitcoin is a fraud
Alex Dovbnya
Gold Bug Says Bitcoin Is Worse Than The US Dollar
Read U.TODAY at
Google News
Gold bull Peter Schiff recently called out Bitcoin “a fraud” when responding to a video clip posted by MicroStrategy co-founder Michael Saylor.
The video clip posted by Saylor features typical talking points about the U.S. dollar losing its purchasing power and the financial system being on the brink of collapse. Then, he takes a turn toward full-on evangelism, with Bitcoiners borrowing concepts from the realm of religion. “Anyone can be part of the Bitcoin economy. It’s like a good church,” venture capitalist Tim Draper said. “Because it’s an ethical ideology, there are a lot of people who feel very spiritual about it,” Saylor said.
However, Schiff described this Bitcoin evangelism as “a total farce.” While the gold bull is known as a prolific critic of the U.S. dollar, he argues that the largest cryptocurrency is even more flawed.
“If you’re worried about the dollar, you might have gold or silver as alternatives,” Schiff added.
In turn, Bitcoin supporters have pointed to the fact that Bitcoin has been far outperforming gold for nearly 15 years.
Although Boat recently expressed regret for not buying Bitcoin in 2010, he remains highly skeptical about the leading cryptocurrency. He recently predicted that the price of the leading cryptocurrency would continue to decline for several years, while also downplaying the success of Bitcoin ETFs.
Additionally, Schiff recently criticized the leading cryptocurrency for requiring a constant expenditure of resources. In addition to mining, Bitcoin It also requires constant promotion and advertising, according to the financial commentator. “These costs must be borne by the Bitcoin community,” he added.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to the burgeoning industry — from price analysis to blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.