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Schiff: Bitcoin Is a Fraud

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Thu, 11/07/2024 - 5:17
Schiff: Bitcoin Is a Fraud
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Gold bug Peter Schiff recently called Bitcoin "a fraud" while responding to a video clip posted by MicroStrategy co-founder Michael Saylor. 

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The video clip posted by Saylor features typical talking points about the U.S. dollar losing its purchasing power and the financial system being on the verge of collapse. Then, it takes a turn toward full-blown evangelism, with Bitcoiners borrowing concepts from the domain of religion. "Anyone can be part of the Bitcoin economy. It's like a good church," venture capitalist Tim Draper said. "Because it's an ethical ideology, there are many people who feel very spiritual about it," Saylor said. 

However, Schiff described this Bitcoin evangelism as "a total scam." Even though the gold bug is known as a prolific critic of the U.S. dollar, he argues that the largest cryptocurrency is even more flawed. 

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"If you're worried about the dollar, you can own gold or silver as alternatives," Schiff added. 

In turn, Bitcoiners have pointed to the fact that Bitcoin has been greatly outperforming gold for almost 15 years. 

Even though Schiff recently expressed regret about not buying Bitcoin in 2010, he remains highly skeptical of the leading cryptocurrency. He recently predicted that the price of the leading cryptocurrency would keep falling for several years while also downplaying the success of Bitcoin ETFs. 

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In addition, Schiff recently criticized the leading cryptocurrency for requiring a constant expenditure of resources. Apart from mining, Bitcoin also requires constant promotion and advertising, according to the financial commentator. "Those costs must be borne by the Bitcoin community," he added. 

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