Top Economist Peter Schiff Criticizes Bitcoin, Calls It a “Fraud”
Popular economist Peter Schiff recently labeled Bitcoin as "a fraud" in response to a video shared by MicroStrategy co-founder Michael Saylor.
The video, featuring Saylor and venture capitalist Tim Draper, discusses the declining purchasing power of the U.S. dollar and suggests Bitcoin as an alternative, likening it to a “good church” and an “ethical ideology.”
Schiff dismissed this portrayal as a “total scam,” arguing that despite his criticisms of the U.S. dollar, Bitcoin is even more flawed.
Schiff suggested that those concerned about the dollar should consider owning gold or silver instead. Bitcoin proponents, however, highlight that the cryptocurrency has significantly outperformed gold over the past 15 years.
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Although Schiff expressed regret for not purchasing Bitcoin in 2010, he remains highly skeptical. He predicts Bitcoin’s price will decline for several years and downplays the success of Bitcoin ETFs.
Additionally, Schiff criticized Bitcoin for its ongoing resource consumption, pointing out that it requires continuous mining, promotion, and advertising.
He argued that these costs are borne by the Bitcoin community, further questioning the sustainability of the cryptocurrency.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
