First, let’s remember who Peter Schiff is. Peter Schiff is an economist, a big supporter of gold and hides one of BTC’s biggest critics. He never liked digital currency (although in the past he admitted that he regretted not buying BTC ten years ago).
Believes that real value derives from the ability of an asset to generate commercial demand in the markets; and he always cites gold as a perfect example of his claim. On the other hand, it argues that BTC is nothing more than an asymmetric store of value that has no use other than to attract an endless supply of buyers for a limited supply of assets. In short, this is a Ponzi scheme. However, he repeatedly proved to be wrong.
In his latest criticism of BTC, Schiff said it was not a real asset. He responded to a tweet from Twitter CEO Jack Dorsey about the possible early arrival of hyperinflation (not only) in the US.
Schiff responds to Dorsey
On Saturday, October 23, Jack Dorsey shared his views on the current economic situation in the USA in his tweet. He wrote on Twitter about the impending hyperinflation due to the constant printing of money in the US and how the rest of the world would suffer.
Schiff responded by saying that people should not seek rescue in BTC because it is not a real asset. Instead, they should own real assets such as gold.
Hyperinflation is going to change everything. It’s happening.
– jack⚡️ (@jack) October 23, 2021
.After that, another Twitter user responded that BTC is in fact very real and that it has just surpassed the Swiss franc in market capitalization. Schiff replied that cryptocurrency was just an imaginary asset – an adult version of an imaginary friend.
#BTC is a make believe asset. Sometimes kids have imaginary friends. It’s the same concept, except with adults.
– Peter Schiff (@PeterSchiff) October 24, 2021
Peter Schiff’s resentment against BTC
Peter Schiff is an American broker and financial commentator. He is also the CEO and Chief Global Strategist of Euro Pacific Capital Inc. based in Westport, Connecticut. In addition, he holds various positions in other financial services companies, including Euro Pacific Asset Management, an independent investment adviser, Schiff Gold (formerly Euro Pacific Precious Metals) and Euro Pacific Bank.
In addition to all this, Schiff is known for something else – his hatred for BTC. He always claimed that one day his value would drop to zero.
In an interview with Good Evening San Diego, Schiff called BTC a fool’s gold and a digital pyramid. He also said that the Securities and Exchange Commission should not encourage people to participate in it. When asked about the recent approval of the BTC ETF by the SEC, he replied that “we should get rid of the SEC”. And he’s not even excited about ETFs on futures, which he commented:
“Instead of owning nothing, you have a futures contract that bets on nothing”