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Peter Schiff’s Ongoing Criticism of Bitcoin
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Renowned economist and Bitcoin (BTC) critic Peter Schiff has once again voiced his disapproval of the leading cryptocurrency. Schiff contends that Bitcoin poses no threat to the global financial landscape but is a risk primarily for those who invest in it. These remarks add to his years of consistent skepticism towards Bitcoin, coupled with his advocacy for gold and other precious metals.
Schiff’s Latest Remarks on Bitcoin
On February 14, in a series of posts on X, Schiff reiterated his long-standing criticisms, asserting that “Bitcoin is only a threat to those who buy it.” This statement was aimed at crypto analyst Jeff Swanson, who had earlier mocked gold enthusiasts for their persistent focus on Bitcoin, despite dismissing it as irrelevant.
Swanson’s comments were in response to ‘Nostra, House of gold,’ another economist on X, who speculated that if BTC were to drop to $60,000, it could trigger liquidity issues.
Schiff’s Perspective on Bitcoin vs. Gold
Schiff maintains that Bitcoin lacks intrinsic value, unlike gold, which he views as a stable store of value. He frequently argues against the notion of Bitcoin as digital gold, labeling it a speculative asset without tangible utility. Schiff has likened Bitcoin to a Ponzi scheme, cautioning buyers about its risks.
However, Swanson countered Schiff’s assertions, noting that the ongoing debates about Bitcoin’s relevance suggest its significance. He argued that if Bitcoin were truly inconsequential, its critics wouldn’t be so vocal. Swanson predicted that while gold may never become worthless, it is likely to lose prominence to Bitcoin over time.
Schiff’s Continued Support for Gold
Despite his criticisms of Bitcoin, Schiff remains a staunch advocate for gold and other precious metals. He recently pointed out Bitcoin’s decline, nearing the $70,000 mark, emphasizing its downward trend over recent weeks—a decline not observed since 2024.
Schiff advises investors to consider gold or silver as more reliable hedges against inflation. He often characterizes Bitcoin as an unstable asset, predicting its eventual fall to zero. His latest forecast suggests that Bitcoin might plummet to $10,000, potentially finding support at that level.
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