CEO of Euro Pacific Capital, Peter Schiff, has now stated that pot is more useful than Bitcoin while saying that they are similar bubbles.
Peter Schiff compares Bitcoin with pot: Claims the latter is more useful
In a Twitter post, Peter Schiff said that pot was more useful than Bitcoin as it could be smoked while you “can’t do anything with Bitcoin.” He stated that both and Bitcoin were stock bubbles that were soon going to burst.
With this, Peter Schiff has added Marijuana to the list of things he considers superior to Bitcoin. Previously he compared Bitcoin to a tennis ball while claiming that the former had less utility.
One user replied, saying that Peter’s prediction about Gold’s price, reaching 5000 dollars, was way off. He noted that when Peter made a comment the price was 1,850 dollars, while now it has been reduced to 1,470 dollars. He added that Peter had misled millions of people, while the ones that followed him had “lost a lot of money” because of his statements.
Peter replied by recalling the historic Bitcoin bull run of 2017. He said that when Bitcoin’s price reached 20,000 dollars, “Bitcoin bugs” were predicting that the price would rise to outrageous sums ranging from 50,000 dollars to one million dollars. Then he noted that Bitcoin’s price was 8,300 dollars and falling.
While some people joked with Peter saying that one needed to smoke pot to believe in Bitcoin, they were still very few. Others joked about Peter smoking pot before making such a Tweet.
Other users presented statistics such as graphs and tables to prove Peter wrong. One user presented a chart for Bitcoin’s demand while saying that money could not be useless at any given time. He added that as people grow aware of Bitcoin, its usefulness as MONEY is increasing.
Featured image by Pixabay.