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Peter Schiff Responds to Jack Dorsey About Bitcoin’s Role in Hyperinflation

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Mon, 10/25/2021 - 08:11
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Yuri Molchan
Major crypto hater Schiff responds to big Bitcoin supporter, Dorsey, about what "role" Bitcoin may play to prevent hyperinflation
Peter Schiff Responds to Jack Dorsey About Bitcoin’s Role in Hyperinflation
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Prominent Bitcoin critic, CEO of Euro Pacific Capital and chairman of SchiffGold, Peter Schiff, has responded to a tweet by Twitter CEO Jack Dorsey about the possible arrival of hyperinflation in the U.S. soon.

"Only 'real assets' can protect from hyperinflation"

On Oct. 23, Twitter CEO Jack Dorsey took to Twitter to share his take on the current economic situation in the United States resulting from the lockdown of the economy in 2020 and constant money printing performed since then to help the U.S. population survive the pandemic.

Dorsey tweeted that hyperinflation is coming: first in the U.S., then in the rest of the world.

Schiff tweeted in response that Bitcoin is unlikely to be any good if hyperinflation arrives. It is only "real assets" that can help survive it, he claims. Schiff added that gold qualifies as a real asset and Bitcoin does not.

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"Bitcoin is an 'imaginary friend' "

In another comment in the thread, Schiff compared Bitcoin to imaginary friends that children sometimes have, calling Bitcoin a "make-believe asset" and saying that the concept of an imaginary friend works here but has been adapted for adults.

Besides, he again reminded Bitcoin lovers about various ways of utilizing gold in various industries, saying that Bitcoin cannot beat the "shiny metal" here.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.