Bitcoin

Kinesis Gold

Gold

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Gold bug Peter Schiff recently called Bitcoin <a href="https://x.com/PeterSchiff/status/1810921977806291440" rel="noopener noreferrer nofollow">"a fraud"</a> while responding to a video clip posted by MicroStrategy co-founder Michael Saylor.&nbsp;
The video clip posted by Saylor features typical talking points about the U.S. dollar losing its purchasing power and the financial system being on the verge of collapse. Then, it takes a turn toward full-blown evangelism, with Bitcoiners borrowing concepts from the domain of religion. "Anyone can be part of the Bitcoin economy. It's like a good church," venture capitalist Tim Draper said. "Because it's an ethical ideology, there are many people who feel very spiritual about it," Saylor said.&nbsp;
However, Schiff described this Bitcoin evangelism as "a total scam." Even though the gold bug is known as a prolific critic of the U.S. dollar, he argues that the largest cryptocurrency is even more flawed.&nbsp;
"If you're worried about the dollar, you can own gold or silver as alternatives," Schiff added.&nbsp;
In turn, Bitcoiners have pointed to the fact that Bitcoin has been greatly outperforming gold for almost 15 years.&nbsp;
Even though <a href="https://u.today/peter-schiff-cant-escape-bitcoin" rel="noopener noreferrer nofollow">Schiff</a> recently expressed regret about not buying Bitcoin in 2010, he remains highly skeptical of the leading cryptocurrency. He recently predicted that the price of the leading cryptocurrency would keep falling for several years while also downplaying the success of Bitcoin ETFs.&nbsp;
In addition, Schiff recently criticized the leading cryptocurrency for requiring a constant expenditure of resources. Apart from mining, <a href="https://u.today/crucial-bitcoin-btc-signal-3000-is-now-or-never-for-ethereum-eth-toncoin-ton-whales-buy-13-million" rel="noopener noreferrer nofollow">Bitcoin</a> also requires constant promotion and advertising, according to the financial commentator. "Those costs must be borne by the Bitcoin community," he added.&nbsp;

Schiff: Bitcoin Is a Fraud

U.Today

Other articles published on Jul 11, 2024

Best Meme Coin Airdrops This Month : Don't Miss Out!

Binance Sheds Over 60% Stake from Gopax as South Korea Navigates New Crypto Laws

Bitcoin's (BTC) Scary Drop Might Be 'Weeks Away,' This Signal Says

The dYdX Foundation’s 2024 Semi-Annual Ecosystem Report Highlights Incredible Progress & Communit...

Best Performing New Crypto Projects for July 2024

How GoMining is revolutionizing Bitcoin mining through NFTs

Join our free newsletter for daily crypto updates!