BITCOIN

Economist Peter Schiff calls Bitcoin a ‘fictional friend’ in response to Jack Dorsey’s hyperinflation tweet


Peter Schiff is an economist, gold advocate and one of the biggest critics of Bitcoin. He never liked digital currency.

He believes that real value arises from the ability of an asset to create commercial demand in the market; And always refers to gold as a perfect example of this. On the contrary, he said that Bitcoin is nothing more than an asymmetrical repository of value which has no other use except to attract endless supply of buyers for a limited supply of resources. In short, it is a register scheme. However, he has been repeatedly proven wrong.

In his most recent criticism of Bitcoin, Schiff says it is not a real asset. This was in response to a tweet from Twitter CEO Jack Dorsey about the possible arrival of hyperinflation in the United States soon.

Schiff responds to Dorsey

On Saturday, October 23, Jack Dorsey shared his views on the current economic situation in the United States on Twitter. He tweeted about the impending hyperinflation as a result of the continuous printing of money in the United States and how the rest of the world would be affected by it.

Related Reading | Is hyperinflation inevitable? Jack Dorsey says it will “change everything”

In response, Schiff tweeted that people shouldn’t look to save Bitcoin because it’s not a real asset. Instead, they should own real assets like gold.

Another Twitter user commented that Bitcoin is actually real. And it has surpassed the Swiss franc in market cap. At the moment, Schiff replies, he calls cryptocurrency a “make-believe asset” and it’s an adult version of a fictional friend.

Peter Schiffer Anger with Bitcoin

According to this Wikipedia profile, Peter Schiff is an American stock broker, financial commentator and radio personality. He is also the CEO of Euro Pacific Capital Inc. and chief global strategist, Westport, Connecticut-based broker-dealer. In addition, he is involved in a variety of roles in other financial services firms, including Euro Pacific Asset Management, an independent investment advisor, a precious metals trader, and Euro Pacific Bank, a full-fledged Reserve Bank. .

In addition to all this, Schiff is known for something else – his frustration with Bitcoin. He has always claimed that its value will one day be zero.

Earlier this year, Mark told Cuban Schiff to “move on” because “gold is dead.” In the north, Schiff said, “Mark, many of your athletes wear gold jewelry. Ask them why. There are many uses of gold outside of jewelry that contribute to its value as a metal. It was not hyped at all. Gold is money. Bitcoin is 100% hype. It’s nothing. “

Related Reading | Mark Cuban condemns Peter Schiff: Gold is dead, bitcoin and etherium today

Cuban himself was a bitcoin skeptic, preferring bananas to bitcoin because he claimed he could eat at least one banana.

In an interview in Good Evening San Diego a few days ago, Schiff referred to bitcoin as foolish gold and a digital pyramid scheme. He added that the SEC should not encourage people to participate.

BTC trading at over $62K | Source: BTCUSD on TradingView.com

When asked about the recent approval of the SEC of Bitcoin ETFs, he replied that “we need to get rid of the SEC”.
He went on to say, “I have no problem with ETFs, but if the SEC pretends that it is a form of surveillance and tries to ensure that investors are not harmed, it does not mean that they will approve. Because of this ETF, in the end, the ETF breaks down and the people in the bag will be wiped out. “

Schiff is also not affected by futures ETFs. “Instead of owning anything, you own a futures contract to gamble on anything,” he said.

Featured image by Bloomberg, Chart from TradingView.com





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