Leading cryptocurrency to bitcoin Euro Pacific Capital CEO, who expresses his hostility towards Peter Schiff most recently, he participated in the Fox Business Live program.
Continuing his criticism of Bitcoin, Schiff said that investors Bitcoin He said he only took it for the short term.
Gold The US stockbroker, known for taking a pro stance, reiterated his opinion that gold is a much better investment tool compared to Bitcoin.
Emphasizing that we definitely need an alternative to the dollar, Peter Schiff said that there are many ways to hedge against inflation:
“There are many ways to hedge against inflation. But Bitcoin is not one of them.
Bitcoin will not protect against anything. Bitcoin is just a speculative asset. It’s basically a digital pyramid, a Ponzi scheme.”
Investors Are Actually Buying The Price Of Bitcoin!
The Bitcoin critic stated that the vast majority of people who buy Bitcoin actually buy the price of BTC. “People buy Bitcoin because they think the price will go up, they will sell it when they stop thinking the price will go up. When enough people want to sell it and there is no one to buy it, the price of Bitcoin will crash.” said.
“Bitcoin is a store of value” Stating that his judgment would lose its validity at some point, Schiff continued his words as follows:
“Because you can’t hide something you don’t have. Bitcoin does not have an underlying value like gold, which is used for all sorts of things.
Bitcoin is used for nothing but speculation. Because people think it will rise.
If investors stop thinking that BTC will go up because there is a drop, then they will have no reason to own BTC.”
“Gold, Not Bitcoin, Will Protect From High Inflation!”
When asked for his views on gold’s long-standing underperforming, Schiff said it wasn’t fair to say that about gold.
Peter Schiff pointed out that the price between 2001-2011 increased from $ 300 to almost $ 2,000. of gold He admitted that he did not rise much between 2011-2021 and stated that he was in the period of “consolidation”.
“As a result of inflation in the last decade and the next decade, gold is poised for another big rise.
I think gold is very cheap relative to the dollar amount in circulation. Also, now the Fed is trying to fight high inflation, but it can’t. Because we have too much debt.
In this context, inflation will get worse and people will start to make other investments. At this point, gold will be one of the investments people choose, not Bitcoin.”
On the other hand, it is also known that Schiff has been wrong about Bitcoin price many times before.
*Not investment advice.