Peter Schiff, the renowned gold advocate, has dismissed the notion that Bitcoin poses any systemic threat to traditional finance or his favorite precious metal.
Schiff has argued that the only real danger Bitcoin presents is to the financial ruin of the investors who hold it.
“Only a threat to those who buy it”
The latest barrage of criticism began when user Jeff Swanson questioned Schiff’s relentless focus on an asset he claims is irrelevant.
Swanson posited that Schiff’s obsession implies fear, stating, “You don’t debate imaginary issues. You debate real threats.”
Schiff’s response was swift and dismissive. “Bitcoin is only a threat to those who buy it,” Schiff retorted on February 14.
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For Schiff, Bitcoin is not a rival to gold or a replacement for the dollar. He rejects the “digital gold” narrative entirely since he views the asset as a speculative bubble destined to burst.
“Bitcoin is going zero”
Schiff, who proudly identifies himself as “the loudest Bitcoin critic,” claims his skepticism is rooted in a fundamental grasp of economics that crypto proponents lack.
“Actually I’m the loudest Bitcoin critic, but I have a strong understanding of how money actually works,” he stated.
His outlook for the future of Bitcoin remains apocalyptically bearish. In a direct reply to MicroStrategy’s Michael Saylor and other proponents, Schiff did not mince words regarding the asset’s ultimate trajectory.
“Yes, Bitcoin is a zero,” he declared on Feb. 13.
He further elaborated on this grim forecast in a separate thread, predicting mass insolvency for the current class of crypto investors.