Economist Peter Schiff Calls Bitcoin An ‘Imaginary Friend’ In Response To Jack Dorsey’s Hyperinflation Tweet
October 25 2021 - 9:00AM
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Peter Schiff is an economist, gold advocate, and one of Bitcoin’s
biggest critics. He has never liked the digital currency. He
believes that real value is derived from an asset’s ability to
create commercial demand in markets; and always refers to gold as a
perfect example of this. In contrast, he says that Bitcoin is
nothing but an asymmetric store of value with no other use except
attracting an endless supply of buyers for the limited supply of
assets. In short, it is a Ponzi scheme. However, he has been proven
wrong over and over again. In his most recent critique of Bitcoin,
Schiff said it is not a real asset. This was in response to a tweet
by Twitter CEO Jack Dorsey about the possible arrival of
hyperinflation in the U.S. soon. Schiff Responds To Dorsey On
Saturday, October 23, Jack Dorsey shared his opinion on the current
economic situation in the U.S on Twitter. He tweeted about the
imminent hyperinflation as a result of the constant money printing
in the U.S., and how the rest of the world would suffer from it.
Related Reading | Is Hyperinflation Inevitable? Jack Dorsey
Says It’ll “Change Everything” In response, Schiff tweeted that
people should not look to Bitcoin to save them because it is not a
real asset. Instead, they should own real assets like gold. Another
Twitter user commented that Bitcoin is, in fact, real. And that it
has just surpassed the Swiss Franc in Market cap. At this point,
Schiff replied, calling the cryptocurrency a “make-believe asset”
and that it is the adult version of an imaginary friend. Peter
Schiff’s Grudge with Bitcoin According to
this Wikipedia profile, Peter Schiff is an American
stockbroker, financial commentator, and radio personality. He is
also CEO and chief global strategist of Euro Pacific Capital Inc.,
a broker-dealer based in Westport, Connecticut. Additionally, he is
involved in various roles in other financial services companies,
including Euro Pacific Asset Management, an independent investment
advisor, Schiff Gold (formerly Euro Pacific Precious Metals), a
precious metals dealer, and Euro Pacific Bank, a full-reserve bank.
In addition to all these, Schiff is known for something else – his
grudge with Bitcoin. He has always claimed its value will one day
drop to nothing. Earlier this year, Mark Cuban told gold bug Peter
Schiff to “move on” because “gold is dead.” In
Response, Schiff said, “Mark, a lot of your athletes
wear gold jewelry. Ask them why. Gold has many uses outside of
jewelry that contributes to its value as a metal. It’s not hyped at
all. Gold is money. Bitcoin is 100% hype. It’s nothing.” Related
Reading | Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin
and Ethereum Are Today Cuban himself used to be a bitcoin skeptic,
preferring bananas to bitcoin because he claimed he could at least
eat a banana. In an interview on Good Evening San Diego a few days
ago, Schiff referred to Bitcoin as a fool’s gold and a digital
pyramid scheme. He also said that the SEC should not be encouraging
people to participate. BTC trading at over $62K | Source: BTCUSD on
TradingView.com When asked about the SEC’s recent approval of
Bitcoin ETFs, he responded that “we should get rid of the SEC”. He
continued by saying, “I have no problem with the ETF itself, but if
the SEC is pretending that it is some kind of watchdog and trying
to make sure that investors don’t get hurt, then it makes no sense
that they would approve this ETF because ultimately, the ETF is
going to collapse to zero and the people who are left holding the
bag are going to get wiped out.” Schiff is also not impressed with
futures ETFs. He says, “instead of owning nothing, you own a
futures contract to gamble on nothing.” Featured image by
Bloomberg, Chart from TradingView.com
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