Recently, Peter Schiff, a well-known gold enthusiast, referred to Bitcoin as a “fraud” in response to a video shared by Michael Saylor, the co-founder of MicroStrategy.
Saylor’s video presented familiar talking points about the decline in the purchasing power of the US dollar and the imminent collapse of the financial system. The video then shifted to a fervent advocacy for Bitcoin, echoing religious undertones. Investor Tim Draper remarked, “Anyone can be part of the Bitcoin economy. It’s like a good church.” Saylor added, “Since it’s a moral ideology, many people feel a spiritual connection to it.”
However, Schiff criticized this Bitcoin evangelism, calling the cryptocurrency a “complete scam.” Despite being a vocal critic of the US dollar, Schiff argues that Bitcoin has even more significant flaws.
“If you’re worried about the dollar, you can hold gold or silver as alternatives,” Schiff stated. On the other hand, Bitcoin supporters point out that Bitcoin has outperformed gold significantly over nearly 15 years.
Despite expressing regret for not buying Bitcoin in 2010, Schiff remains highly skeptical of the leading cryptocurrency. He recently predicted that Bitcoin’s price would continue to fall for several years, downplaying the success of Bitcoin exchange-traded funds (ETFs).
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Additionally, Schiff has criticized Bitcoin for its ongoing resource demands. Beyond mining, the cryptocurrency requires constant promotion and advertising, according to the financial commentator. “The Bitcoin community has to bear these costs,” he concluded.
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