Bitcoin is a "total scam"
Gold enthusiast Peter Schiff recently called Bitcoin a "scam" in response to a video clip posted by MicroStrategy co-founder Michael Saylor.
The video clip posted by Saylor contains typical topics such as the dollar losing purchasing power and the financial system being on the verge of collapse. The video then turns to full-scale evangelism, with Bitcoin enthusiasts borrowing concepts from the religious field. "Anyone can be part of the Bitcoin economy. It's like a good church," said venture capitalist Tim Draper. "Because it is a moral ideology, a lot of people are very spiritual about it," said Saylor.
However, Schiff described this Bitcoin propaganda as a "total scam." Although the "gold bug" is known for his strong criticism of the US dollar, he believes that the largest cryptocurrency has more flaws.
"If you are worried about the US dollar, you can hold gold or silver as an alternative."
In turn, Bitcoin users point out that Bitcoin has been far outperforming gold for nearly 15 years. Although Schiff recently expressed regret for not buying Bitcoin in 2010, he remains highly skeptical of the leading cryptocurrency. He recently predicted that the price of the leading cryptocurrency will continue to fall over the next few years while also downplaying the success of a Bitcoin ETF.
