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Bitcoin is dead, says Peter Schiff
Alex Dovbnja
Schiff also denied that he was simply seeking greater engagement with his controversial anti-Bitcoin takes
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Peter Schiff has enlarged the Bitcoin obituary list declaring that the largest cryptocurrency is already dead despite trading near its all-time high.
The doom-laden claim is based on the fact that Bitcoin has significantly underperformed silver since April (2% and 21% respectively).
Schiff added that Bitcoin promoters will lose “a lot of money” by betting on the cryptocurrency.
The cryptocurrency community, of course, accused Schiff of focusing only on narrow time windows to promote his narrative. It is worth noting that Bitcoin has grown by almost 60% year-on-year. For comparison, silver rose 14.46%.
Schiff isn’t looking for an engagement
Schiff is widely known as one of Bitcoin’s best-known critics. He has been liquidating the cryptocurrency since 2011, when it was changing hands into meme dollars.
In his recent social media post, Schiff lashed out at those who claim he is attacking Bitcoin just for attention. His thesis is that praising the cryptocurrency would attract more engagement. “But I’m not willing to sacrifice my integrity just to attract followers or increase engagement,” he said.
His motivation stems from the fact that Bitcoin promoters are pitching the cryptocurrency as a digital version of gold. “Bitcoin promoters are trying to convince people to buy Bitcoin instead of gold. I don’t want people to make this mistake. If Bitcoin supporters would stop claiming that Bitcoin is digital gold, then I won’t need to post to about it,” he said.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.