Prominent Bitcoin critic and CEO of Euro Pacific Capital, Peter Schiff, has taken to Twitter to opine that there is not much of a difference between Bitcoin and any other digital currency.
He has also stated that crypto inflation is much bigger than sovereign inflation and offered his opinion as to why.
"Crypto inflation far exceeds sovereign inflation"
Schiff tweeted that the overall amount of cryptocurrencies very much exceeds that of fiat currencies: 9,125 crypto versus 180 fiat.
Ninety-five crypto coins have a market cap of over $1 billion. That cannot be scarce, he claims, adding that the potential supply of cryptos based on fiat currencies (as he put it, perhaps referring to stablecoins) is unlimited.
That is why, he insists, crypto inflation is much bigger than sovereign inflation.
There's only 180 fiat currencies in the world. There's already 9,125 #cryptocurrencies in the world, with 95 having market caps that exceed $1 billion. How is this scarce? The potential supply of digital fiat tokens is unlimited. Crypto #inflation far exceeds sovereign inflation.
"Not much difference between #Bitcoin and any other crypto"
Peter Schiff is a gold lover. That is why he has again brought up the topic of gold vs. Bitcoin.
While replying to Bitcoin influencer Anthony Pompliano, Schiff claimed that gold is the scarcest metal, aside from being most useful.
He repeated his thought that the potential number of new cryptocurrencies has no limit and, in this way, Bitcoin, he said, does not differ much from any other digital currency.
Pompliano reminded him that there are only 21 million Bitcoins and there will never be more. As for gold, he wrote, "You just haven't dug enough of it out of the ground yet!"
He added that gold is dying and investors are selling it to get into Bitcoin.