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Bitcoin Is Dead, Peter Schiff Claims

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Sun, 19/05/2024 - 10:52
Bitcoin Is Dead, Peter Schiff Claims
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Peter Schiff has expanded the list of Bitcoin obituaries by declaring that the largest cryptocurrency is already dead despite the fact that it is trading close to its record high.

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The doom-laden claim is based on the fact that Bitcoin has greatly underperformed silver since April (2% and 21%, respectively).

Schiff has added that Bitcoin promoters will lose "a bunch of money" by betting on the cryptocurrency.

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The cryptocurrency community, of course, accused Schiff of focusing only on small time frame windows to promote his narrative. It is worth noting that Bitcoin is up nearly 60% on a year-to-date basis. For comparison, silver is up 14.46%.

Schiff not seeking engagement

Schiff is widely known as one of the most notorious Bitcoin critics. He has been dismissing the cryptocurrency since 2011 when it was changing hands at meme dollars.

In his recent social media post, Schiff railed against those who claim that he is bashing Bitcoin just in order to seek attention. His argument is that praising the cryptocurrency would have attracted more engagement. "But I'm not willing to sacrifice my integrity just to attract followers or increase engagement," he stated.

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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 that mistake. If Bitcoin pumpers stop claiming Bitcoin is digital gold then I won't need to post about it," he said.

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