• 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

San Francisco Blackout Exposes Vulnerabilities in Autonomous Vehicle Systems

chest

The recent blackout in San Francisco exposed critical vulnerabilities in autonomous vehicle systems, particularly those operated by Waymo, leading to significant traffic disruptions and raising concerns about emergency vehicle access and the need for manual override capabilities.

user avatarTando Nkube

Waymo Robotaxi Network Faces Catastrophic Failure During San Francisco Blackout

chest

Waymo's autonomous vehicle network faced a catastrophic failure during a blackout in San Francisco, leaving robotaxis stranded and raising concerns about the resilience of self-driving technology.

user avatarSatoshi Nakamura

Defined-Risk Strategies: Iron Condor and Short Strangle

chest

Defined-risk strategies like Iron Condor and Short Strangle are used to profit from market stagnation and IV collapse.

user avatarNguyen Van Long

Mastering the Expected Move for Options Trading

chest

Traders calculate the Expected Move to set precise strike prices for options strategies during earnings.

user avatarRajesh Kumar

Stablecoins Expected to Surpass US ACH Transactions by 2026

chest

Forecasts indicate stablecoins will surpass ACH transaction volumes by 2026 due to increasing adoption and regulatory clarity.

user avatarKofi Adjeman

Earnings Season: A Volatility Opportunity

chest

Earnings announcements create predictable volatility, allowing traders to exploit implied volatility collapse.

user avatarJesper Sørensen

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.