Bitcoin (BTC) Is a Pyramid Scheme: Peter Schiff

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Wed, 02/19/2020 - 08:14
Alex Dovbnya
Gold bug Peter Schiff once again takes aim at Bitcoin (BTC), calling it a "pyramid scheme"
Bitcoin (BTC) Is a Pyramid Scheme: Peter Schiff
Cover image via wikipedia.org
Contents

When CNBC and CNN no longer invite you as a token bear, trashing Bitcoin on social media might help you stay relevant.  

Peter Schiff, the CEO of Euro Pacific Capital, has just fired off a tweet about the number one cryptocurrency being "a pyramid scheme." In such a way, the gold bug wants to prove that BTC has no place in your portfolio. 

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Schiff is back at it again  

After prematurely calling the orange coin "the worst-performing asset" of the decade and embarrassing himself by losing access to his Bitcoin wallet, Schiff has been relatively silent on the topic. 

Recently, he once again emerged on crypto Twitter to comment on his fellow Fed hater Max Keiser converting America's top conspiracy theorist Alex Jones into a Bitcoin proponent.   

The permabear even went as far as "acknowledging" Bitcoin's past gains that could have actually turned 100 grams of gold into eight tons.      

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Does Schiff have a point? 

Now, Schiff continues harping on the same string that Bitcoin is not money, and everyone who plans on investing in it is in for a rude awakening. He believes that whales at the top of the food chain have complete control over the market.   

Schiff's claim that Bitcoin can be considered a pyramid scheme might sound extreme but he's not the only prominent analyst that has called BTC such a nasty name. 

Back in January, LendingTree's Tendayi Kapfidze explained that Bitcoin investors could only make money based on people who enter after them

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.