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Schiff: Bitcoin is a Fraud
Alex Dobnya
Gold Bug Says Bitcoin Is Worse Than US Dollar
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Gold expert Peter Schiff recently called Bitcoin “a fraud” while responding to a video clip posted by MicroStrategy co-founder Michael Saylor.
The video clip released by Saylor features the typical talking points about the U.S. dollar losing its purchasing power and the financial system on the brink of collapse. It then takes a turn toward all-out evangelism, with Bitcoiners borrowing concepts from the realm of religion. “Anyone can be a part of the Bitcoin economy. It’s like a good church,” venture capitalist Tim Draper said. “Because it’s an ethical ideology, there are a lot of people who feel very spiritual about it,” Saylor said.
However, Schiff has described this Bitcoin evangelism as “a complete scam.” While the gold fanatic is known to be a prolific critic of the U.S. dollar, he argues that the largest cryptocurrency is even more flawed.
“If you are worried about the dollar, you can invest in gold or silver as alternatives,” Schiff added.
In turn, Bitcoin proponents have pointed to the fact that Bitcoin has significantly outperformed gold for nearly 15 years.
Despite Disgust recently expressed regret over not buying Bitcoin in 2010, remains highly skeptical of the leading cryptocurrency. He recently predicted that the price of the leading cryptocurrency would continue to decline for several years, while also downplaying the success of Bitcoin ETFs.
Additionally, Schiff recently criticized the leading cryptocurrency for requiring constant expenditure of resources. In addition to mining, Bitcoin It also requires constant promotion and advertising, according to the financial commentator. “Those costs have to be borne by the Bitcoin community,” he added.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 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, and can be reached at alex.dovbnya@u.today.