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Gold advocate Peter Schiff recently denounced Bitcoin as "a fraud" in response to a video by MicroStrategy co-founder Michael Saylor, sparking a fierce debate in the financial community.
Bitcoin as a Fraud
In a recent response to a video clip shared by Michael Saylor, co-founder of MicroStrategy, Bitcoin was branded "a fraud" by Gold advocate Peter Schiff.
Typical talking points on the depreciation of the US dollar and the impending collapse of the financial system are featured in the video clip provided by Saylor. After then, Bitcoiners start stealing ideas from the religious sphere, and it becomes full-blown proselytizing.
In the Bitcoin economy, anyone can participate. Tim Draper, a venture capitalist, compared it to a decent church.
Spirituality in Bitcoin
"Because it's an ethical ideology, there are many people who feel very spiritual about it," added Saylor.
U.Today shares that Schiff, on the other hand, called all this Bitcoin advocacy "a total scam." Despite his reputation as a vocal opponent of the US dollar, the gold bug claims that the biggest cryptocurrency is even more defective.
"If you're worried about the dollar, you can own gold or silver as alternatives," said Schiff.
Gold vs. Bitcoin Returns
At the same time, Bitcoin supporters have brought up the fact that Bitcoin has been performing significantly better than gold for the past nearly 15 years.
In spite of the fact that Schiff recently expressed regret for not purchasing Bitcoin in 2010, he continues to maintain a high level of skepticism regarding the most prominent cryptocurrency. He previously downplayed the performance of Bitcoin ETFs and projected that the major cryptocurrency's price will keep declining for several years.
Furthermore, Schiff recently voiced his disapproval of the current leading cryptocurrency, stating that it necessitates a continuous expenditure of resources.
The financial pundit claims that Bitcoin needs ongoing advertising and promotion in addition to mining. "Those costs must be borne by the Bitcoin community," according to him.
