The recent meteoric sprint in Bitcoin’s valuation has ignited debate among analysts, with opinions pouring in from both crypto enthusiasts as well as critics. One such critic was the CEO of Euro Pacific Capital, Peter Schiff, who has always been critical of Bitcoin even during the coin’s bull run. The recent Bitcoin storm failed to impress the critic asthe CEO claimed that the cryptocurrency was just a “speculative vehicle for gambling” in a recent Keiser Report’s talk session.
The veteran stockbroker said that he did not believe that Bitcoin had anything in common with gold and claimed that Bitcoin was a “fool’s gold”, despite admitting that the cryptocurrency has few similar “monetary properties” to that of the gold. Schiff added,
“I mean it pretends to be gold.”
He further said that Bitcoin had no intrinsic value other than what people were willing to buy it for, because “they think they can sell to somebody else at a high price”. He went on to rant about Bitcoin being a Ponzi scheme.
The CEO also criticized the new Greyscale’s #DropGold commercial, which called digital currencies like the Bitcoin a future.
The financial commentator is of the opinion that unlike gold, Bitcoin does not have any utility. The only use case for the cryptocurrency is in theory as a speculative “trading vehicle” for gambling. He further claimed that BTC, as a medium of exchange, is crippled with the major drawbacks. According to Schiff, BTC is expensive and cumbersome.
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