Peter Schiff, known for his criticism of Bitcoin, continued his criticism of Bitcoin with his sharing on his Twitter account.
Anti-Bitcoin Schiff stated that Bitcoin has failed both as a currency and as a store of value because Bitcoin has no intrinsic and utilitarian value.
Schiff, who was involved in a discussion on Twitter about whether gold and Bitcoin could be a hedge against hyperinflation, had this to say about Bitcoin:
“Bitcoin is not a store of value. Because it has no value to store, what you see is just a market price. You cannot hide the price. For something to become money, it must first have a fundamental value.”
Unlike his father, Peter Schiff, who frequently confronts his Bitcoin supporter son Spencer on social media, inflamed the conflict between them by sharing a gold coin picture taken by Peter Brandt in South Africa.
Microstrategy CEO Michael Saylor, one of the biggest Bitcoin supporters, also commented on Peter Schiff’s gold sharing. “The idea that gold is money does not stand up to rigorous scrutiny. This is a myth told by sales professionals intent on branding an industrial metal.” said.
Schiff, who did not delay in responding to Saylor’s share, said that gold has existed and stood for thousands of years, but Bitcoin has not yet survived as money even for a year in this context. “Bitcoin is a digital token used only for speculative trading” he added.
well #gold has stood up as money for thousands of years. #Bitcoin has yet to stand up as money for even one year. Bitcoin is merely a digital token used for speculative trading. Also, gold doesn’t need salesmen, unlike Bitcoin that needs constant pumping!
— Peter Schiff (@PeterSchiff) November 28, 2021
Schiff’s son, Spencer, opposed his father’s ideas for gold, saying that the long existence of gold did not make it the best currency, but rather the industrial use and centralized surveillance of gold made it the currency of choice in the 21st century.
*Not investment advice.