Peter Schiff, a well-known critic of cryptocurrencies, continues to uphold his stance that Bitcoin lacks real value. Recently, he shared his thoughts on how Bitcoin's current price does not reflect market reality.
Schiff's Critical Comments on Bitcoin
Schiff argues that Bitcoin's rise is a result of speculation supported by government liquidity. He believes Bitcoin is a high-risk investment, not a safe asset or currency. "Bitcoin is only where it is due to U.S. government pumping. It’s a total scam," he stated.
Comparison with Gold
Schiff emphasizes that investing in gold is the only reliable way to protect against inflation and market volatility. Although Bitcoin's price increases, it rarely moves in sync with gold. Recently, as U.S. stock futures and the dollar declined, gold gained while Bitcoin fell.
Opinion on Government Involvement
Schiff also expresses doubt about Bitcoin's future use as a base layer currency. He believes that cryptocurrencies hold no real value and have no place in a stable monetary system. Furthermore, he opposes the use of public funds to support cryptocurrencies, asserting that it is not the role of regulators to back what he sees as a purely speculative sector.
Peter Schiff's position remains unchanged: he continues to assert that Bitcoin lacks real value and emphasizes the dangers of investing in this asset.
