Advertisement
AD

Main navigation

Peter Schiff Claims Facebook’s Cryptocurrency Threatens Bitcoin, Anthony Pompliano Explains Why It’s False

Advertisement
Fri, 14/06/2019 - 17:35
Peter Schiff Claims Facebook’s Cryptocurrency Threatens Bitcoin, Anthony Pompliano Explains Why It’s False
Cover image via 123rf.com
Read U.TODAY on
Google News
Contents
Advertisement

Long-time gold proponent Peter Schiff has recently taken to Twitter to weigh in on the upcoming rollout of Facebook’s new crypto. Schiff claims that it is bad news for Bitcoin, but this didn’t sit well with Morgan Creek’s Anthony Pompliano.

Related
Stock Market Expert Explains Why Bitcoin Is Superior to Gold and What Pushed BTC Price to $9,000

The more, the merrier

Schiff explains that Facebook’s much-hyped venture poses a direct threat to Bitcoin since it will focus on economically developing nations with a high percentage of the unbanked population. According to him, Libra (the alleged name of the highly anticipated stablecoin) will push Bitcoin out of this market. It will be more stable, easy to use, and cheap (compared to the number one cryptocurrency).

However, Pompliano suggests that the coins will be able to coexist, comparing them to restaurants on an intersection.

While the Bitcoin crowd adopted a rather hawkish attitude to the Libra coin due to centralization concerns, Pompliano (along with another crypto bull, Mike Novogratz) thinks that it is a positive development for the crypto industry. Back in December, Pompliano predicted that it would quickly become ‘the most used product in crypto.’

Related
Bitcoin Bull Anthony Pompliano: I’m More Bullish on BTC Today Than Ever Before

The real threat

Another user points out that Facebook’s cryptocurrency won’t replace Bitcoin given that the latter functions more like a store of value. Hence, the crypto king impinges upon Schiff’s ‘beloved gold.’

As reported by U.Today, cryptocurrency asset manager Grayscale recently launched an anti-gold campaign that encourages investors to drop the old-fashioned asset in favor of Bitcoin.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD