Peter Schiff, a prominent advocate for gold, has rejected the idea that Bitcoin poses any significant risk to traditional financial systems or his beloved precious metal.
According to Schiff, the only genuine threat posed by Bitcoin is to the financial well-being of its investors.
“A danger solely for its investors”
The latest wave of criticism emerged when user Jeff Swanson challenged Schiff’s unwavering attention on an asset he deems inconsequential.
Swanson suggested that Schiff’s fixation indicates underlying fear, remarking, “You don’t engage in debates over fictitious matters. You address real dangers.”
Schiff quickly countered with a dismissive response. “Bitcoin is merely a risk for those who invest in it,” he shot back on February 14.
For him, Bitcoin does not compete with gold nor serve as an alternative to the dollar. He entirely dismisses the notion of it being “digital gold,” viewing it instead as a speculative bubble destined for collapse.
“Bitcoin will reach zero”
Proudly identifying himself as “the most vocal critic of Bitcoin,” Schiff asserts that his skepticism stems from a solid understanding of economics—something he believes crypto enthusiasts lack.
“In fact, I am indeed the loudest critic of Bitcoin; however, I possess profound knowledge about how money truly functions,” he remarked.
His perspective on Bitcoin’s future remains direly pessimistic. In direct comments aimed at MicroStrategy’s Michael Saylor and other advocates, Schiff did not hold back regarding his views on where this asset is headed.
“Indeed, Bitcoin will end up being worthless,” he proclaimed on February 13.
Additonally elaborating on this bleak prediction in another discussion thread, he forecasted widespread insolvency among current cryptocurrency investors.