Being Able to Buy Things With Bitcoin Is Lie: Peter Schiff

News
Thu, 05/21/2020 - 07:57
Yuri Molchan

One of the biggest Bitcoin opponents, Peter Schiff, has tweeted that the option of paying with Bitcoin and other crypto does not actually exist and is nothing but a lie

Cover image via en.wikipedia.org
Contents

Peter Schiff took to Twitter to share an article about Democratic presidential candidate Joe Biden having high chances of walloping Trump in the November elections this year.

After saying that he had been warning people about the aftermath of the pandemic’s (and Trump’s QE) harmful impact on the economy and the US population, Peter Schiff replied to a comment from a follower who suggested Bitcoin as a way out.

The Euro Pacific CEO stated that in reality, you can buy nothing with Bitcoin or any other crypto.

‘Pay with crypto is a marketing gimmick’

The main reason Schiff cites for his predictions coming true in the near future is the current unemployment rate totaling 14.7 percent. That equals a loss of 34 million jobs, which is much more than in the Great Depression in 1929-1930, as per the aforementioned article.

The Fed Reserve and Donald Trump have injected over $6 trl into the economy via a quantitative easing program, which included one-time $1,200 checks to qualifying US citizens.

Later on, the Fed Reserve announced its intention to start buying ETFs to ensure that companies’ stocks have high enough demand.

A Twitter user in the comment thread suggested that buying BTC would be a way out and a chance to avoid using cash, which may soon lose a great deal of its value.

To that, Peter Schiff responded that in reality, you have to first convert Bitcoin into fiat USD, and only then can you purchase anything. So, he insists, the narrative that you can pay for real things with BTC is a lie.

However, investors can use it to convert BTC into gold, Schiff stated.

Related
Bitcoin Is the Most Green Industry in the World: Max Keiser

The ‘Rich Dad, Poor Dad’ author advocates both Bitcoin and gold

The renowned real-estate investor and financial educator Robert Kiyosaki has been tweeting quite a lot recently about the current economic recession caused by the pandemic.

The author of the ‘Rich Dad, Poor Dad’ book on financial literacy believes that the US dollars printed now by the Fed do not have any value and are fake. He reckons that the USD is about to die, mentioning the recent Bitcoin purchase by billionaire Paul Tudor Jones as confirmation.

However, unlike Schiff, Kiyosaki says that Bitcoin is a safe haven, along with gold and silver, in the current state of recession.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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