Peter Schiff Insists That Bitcoin (BTC) Is Not Money, Says Its Buyers Will Suffer Loss
After finally figuring out what happened to his Bitcoin wallet, Peter Schiff, the CEO of Euro Pacific Capital, got back to his regular hobby of trashing Bitcoin. In response to Anthony Pompliano, one of the loudest crypto proponents, Schiff claims that the cryptocurrency with a market cap of $154.1 bln doesn't qualify as money.
"The fact that the price of Bitcoin went up in the past does not qualify Bitcoin as being money and it has nothing to do with my analysis."
Another viral moment for Schiff
In case you were worried about Peter Schiff's Bitcoin stack, he has finally realized what happened to his wallet. It appears that the gold bug simply mistook his PIN for the password, which is why he can no longer access his coins.
Schiff's latest tweet instantly went viral with many members of the cryptocurrency proponents being genuinely surprised that the infamous Bitcoin critic could make such a beginner-level mistake.
As reported by U.Today, Schiff made plenty of headlines last week by publicly admitting to losing all his Bitcoin.
Alex DovbnyaSchiff and Dalio on the same page
Schiff routinely criticizes Bitcoin as a bad investment option. Back in December, he warned millenials about being wiped out in BTC.
Now, he also says that confusing BTC for money is a much bigger mistake than forgetting his password. Schiff predicts that Bitcoin investors could potentially lose significantly more than he did.
"A lot of people are making fun of me for confusing my pin with my password. I made a mistake and it cost me my #Bitcoin. But confusing Bitcoin for money is a much larger mistake and those who are making it will lose far more than I did!"
Schiff is not a lone Bitcoin critic. During the World Economic Forum (WEF) in Davos, Switzerland, billionaire Ray Dalio slammed Bitcoin for not functioning as money.
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