According to U.Today, Peter Schiff, a well-known gold enthusiast, has recently labeled Bitcoin as 'a fraud'. This statement was made in response to a video clip shared by Michael Saylor, the co-founder of MicroStrategy. The video discussed the declining purchasing power of the U.S. dollar and the potential collapse of the financial system. It also included comments from venture capitalist Tim Draper and Saylor himself, likening the Bitcoin economy to a 'good church' and describing it as an 'ethical ideology'. Schiff, however, dismissed these views as a 'total scam'.
Despite Schiff's criticism of the U.S. dollar, he believes that Bitcoin, the largest cryptocurrency, is even more flawed. He suggested that those concerned about the dollar should consider gold or silver as alternatives. This view was challenged by Bitcoin supporters, who highlighted that Bitcoin has significantly outperformed gold for nearly 15 years.
Schiff has previously expressed regret for not investing in Bitcoin in 2010, but he remains highly skeptical of the leading cryptocurrency. He recently predicted that the price of Bitcoin would continue to fall for several years and downplayed the success of Bitcoin ETFs.
Schiff also criticized Bitcoin for its constant need for resources. He argued that, in addition to mining, Bitcoin requires continuous promotion and advertising. He stated that these costs must be borne by the Bitcoin community.