Main navigation

Peter Schiff Says Bitcoin Is Running Out of Buyers to 'Keep Ponzi Going'

News
Thu, 12/12/2019 - 14:11
article image
Alex Dovbnya
Peter Schiff thinks Bitcoin is a Ponzi scheme that struggles to find new buyers to inject fresh money into it
Peter Schiff Says Bitcoin Is Running Out of Buyers to 'Keep Ponzi Going'
Cover image via www.facebook.com
Read U.TODAY on
Google News
Contents

Euro Pacific Capital CEO Peter Schiff is not getting tired of lambasting Bitcoin. This time around, he calls the biggest cryptocurrency a "Ponzi" that is running of buyers. 

Related
Bitcoin Is Forming "Very Ominous" Price Pattern, Gold Will Be Fine: Peter Schiff

Schiff hurls new insults at Bitcoin

The prominent gold bug recently lashed out at Morgan Creek Digital founder Anthony Pompliano who claims that Bitcoin is intended to serve the people, unlike fiat money that only serves governments that create them. 

In his new Twitter tirade, Schiff pointed to the fact that Bitcoin is yet to reach mainstream adoption as a currency, which makes Pompliano's "irrelevant and premature."

When Pompliano replied that Bitcoin is now a more popular currency than gold, Schiff reiterated his earlier words that BTC can only be considered a speculative asset, not a real currency.

Moreover, the relentless Bitcoin hater said that the popularity of the top cryptocurrency was waining, and it was struggling to find new buyers "to keep the Ponzi going."

As reported by U.Today, Schiff is certain that Bitcoin is "a pump-and-dump scheme", and deep-pocketed whales are the ones who pull all the strings.        

Related
Peter Schiff Reacts to Sudden Bitcoin Price Drop: "Get Ready for the Dump!"

Bitcoin's third decade

VanEck's digital asset director Gabor Gurbacs confronted Schiff, saying that his argument would have been valid if Bitcoin had existed for thousands of years. However, according to Schiff, Bitcoin is unlikely to survive the next decade.      

Schiff's view on the future of Bitcoin is diametrically opposite to that of Deutsche Bank analyst Jim Reid. In his "Imagine 2030" study, Reid opined that crypto was on the verge of its breakout decade as fiat currencies were becoming more "fragile."

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.