• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Peter Schiff: Bitcoin HODLing – An Illusion of Wealth

user avatar

by Giorgi Kostiuk

a year ago


Noted economist and Bitcoin critic Peter Schiff once again expressed doubts about the cryptocurrency's value and the HODLing strategy, describing it as merely an illusion of wealth.

Peter Schiff's Statement

On November 19th, Peter Schiff, Chief Economist and global strategist, made another statement questioning the value of Bitcoin. He argues that millions can only pretend that nothing is something and that this 'something' is worth trillions of dollars by refusing to sell it.

The only way that millions of people can pretend that nothing is something, then pretend the nothing is worth trillions of dollars, is by refusing to sell it. If HODLers refuse to sell their Bitcoin, what have they achieved? Pretending to be rich is not the same as being rich.Peter Schiff

Criticism of HODLing Strategy

Schiff mainly criticized the HODLing strategy, a famous concept in the crypto community. With the increasing value of Bitcoin, crypto users are refusing to sell their holdings of the asset despite the usual unpredictability of the market. Schiff claims Bitcoin does not produce actual value like gold and is more of an illusion sparked by collective perception.

Responses and Alternative Opinions

A user @CallahanAutoCo argued that Schiff's critique could be applied to gold as well, suggesting if everyone sold all their gold, its value could diminish. In reply, Schiff asserted that it is impossible for everyone to sell gold since it has practical uses in industries and is an essential good. Previously, he had also referred to Bitcoin as 'Trump-inspired mania' which is short-lived.

Peter Schiff continues to hold a skeptical view towards Bitcoin and cryptocurrencies, pointing to their temporary nature and lack of real value, which fuels lively debates in the community.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Maple Finance Aims for Growth in Tokenized Private Credit Market

chest

Sidney Powell, CEO of Maple Finance, discusses the potential of tokenized private credit and blockchain's role in addressing market gaps, focusing on expansion in Asia and Latin America.

user avatarMaria Fernandez

Anthropic Addresses AI Consciousness in Revised Constitution

chest

Anthropic's revised Claude Constitution discusses the moral status of AI and the possibility of AI consciousness, marking a significant shift in corporate AI documentation.

user avatarGustavo Mendoza

Anthropic's Claude Constitution Introduces Four Core Ethical Values

chest

Anthropic's revised Claude Constitution introduces four core values that guide the behavior and development of its AI assistant: Broad Safety, Broad Ethics, Guideline Compliance, and Genuine Helpfulness.

user avatarMiguel Rodriguez

Anthropic Unveils Revised Claude Constitution at World Economic Forum

chest

Anthropic has unveiled a comprehensive revision of its Claude Constitution, an ethical framework for AI, during the World Economic Forum.

user avatarRajesh Kumar

Connecticut Tribes Challenge Kalshi Prediction Market

chest

Native American tribes in Connecticut have filed a legal challenge against Kalshi, alleging violations of federal gaming laws.

user avatarLuis Flores

DeepSnitch AI Focuses on Safer Crypto Decisions

chest

DeepSnitch AI is currently in its presale phase, offering innovative tools that utilize artificial intelligence to help users manage risks in the crypto market.

user avatarMaria Gutierrez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.