• 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

Sonitix Enhances User Experience with Fast Transactions and Comprehensive Tools

chest

The Sonitix platform is designed to provide quick transactions and a variety of trading tools for users.

user avatarEmily Carter

Sonitix Launches Global Trading Platform for Cryptocurrency

chest

Sonitix has launched a new global trading platform for cryptocurrency, catering to both daily traders and beginners, with access to over 250 cryptocurrencies.

user avatarTomas Novak

David Schwartz Advocates for Rethinking Consensus Model

chest

David Schwartz emphasizes the need to adapt the consensus model of the XRP Ledger to align with the current DeFi ecosystem.

user avatarKaterina Papadopoulou

Maximize Your Life Insurance Coverage with These 10 Tips

chest

Experts recommend focusing on ten core strategies to maximize life insurance coverage and financial protection.

user avatarMaya Lundqvist

Life Insurance: A Multifaceted Financial Tool

chest

Life insurance is increasingly recognized as a multifaceted financial tool rather than just a means to replace income upon death.

user avatarLeo van der Veen

Trails Launches Universal Platform for 1-Click Crypto Transactions

chest

Trails has officially launched a platform designed to eliminate fragmentation in crypto transactions across wallets, chains, and tokens.

user avatarLi Weicheng

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.