2023-10-21 14:34:44
Peter Schiff, the enthusiastic anti-bitcoinist opinion leader, continues to grind his tongue on bitcoin: he thinks it is useless and its supporters are practically sectarian. Peter Schiff, chief economist and global strategist at Europac, is known to be sick of bitcoin and doesn’t hide his opinion. He recently debated the utility and scarcity of digital currency in an X post and accompanying thread. Schiff explained that the existence of bitcoin BTC PRICE does not make sense and called its supporters practically sectarian. Schiff posted the following on X: “Nobody needs Bitcoin. People only buy it when someone talks them into it. Then immediately following the purchase, they try to persuade others to buy as well. It’s like a cult.” Schiff made the announcement following Galaxy Digital CEO Mike Novogratz spoke on CNBC’s Squawk Box regarding the likelihood of a spot bitcoin ETF being approved this year. However, Novogratz also noted on the show that bitcoin has “always been an asset that is sold, not bought,” and that people are first signed up to the system and only then explained to them what it’s all regarding. Finally @novogratz got something right regarding #Bitcoin. He admitted that it’s not bought, but sold. No one needs Bitcoin. So people only buy it following someone else talks them into doing so. Then once they buy, they immediately try to convince others to buy too. It’s like a cult. — Peter Schiff (@PeterSchiff) October 18, 2023 Some commentators, on the other hand, argued in favor of the usefulness of bitcoin, that it might fill a gap for those living in areas affected by high inflation and those without bank accounts: “Owning gold would be a target on their back. Not to mention that quick evacuation with gold is almost impossible and completely impractical,” one X user summed up the train of thought. According to Schiff, bitcoin is not a scarce resource In addition to the question of usefulness, Schiff also discussed the scarcity of bitcoin in the comments. One of his followers called the digital currency a finite resource, to which Schiff replied: “Bitcoin is not a resource. But nothing. There are also 2.1 quadrillion from Satosi. And everyone gets something out of this much nothing.” Another X-user pointed out that Schiff’s previous claims can be applied to gold, since no one needs it. They don’t buy gold either, they sell it, and gold investors convince others to invest in gold in the same way. Schiff, who is known to travel in gold, didn’t even respond to this parallel, instead telling the user that he “knows nothing regarding gold, which explains why he doesn’t even understand bitcoin.” Now who is the sectarian?
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#Bitcoin #criticized #useless
