Peter Schiff has once again made critical remarks directed at the Bitcoin community. He is convinced that participants in the crypto industry are profoundly mistaken in thinking that gold is losing its utility and properties as a fundamental reserve asset. In Schiff's opinion, gold is the most useful metal, in demand, and capable of strengthening the country's economy, unlike Bitcoin.
The cryptocurrency skeptic believes that Bitcoin has become a real threat not just to gold but to the U.S., as the government intends to spend public money and direct capital towards purchasing BTC at the expense of the real sector and productive business.
"It’s one thing when individuals voluntarily spend their own money to buy Bitcoin. But it crosses all reasonable boundaries when they bribe government officials to spend public money on purchasing BTC. Bitcoin is now public enemy number one," Schiff stated.
Bitcoin as a destroyer of the dollar
Schiff expressed concerns that government support for Bitcoin could undermine trust in the U.S. dollar. He noted that Bitcoin itself is not capable of replacing the dollar as the global reserve currency, but excessive attention and investment in it could lead to an economic crisis.
"The irony is that Bitcoin can destroy the dollar not as a replacement, but as a tool that the government uses to create a bubble. This will lead to the depletion of national wealth and deepening economic instability," Schiff emphasized.
The economist also pointed out that printing trillions of dollars aimed at purchasing Bitcoin and supporting the cryptocurrency market is one of the main threats exacerbating the U.S. debt burden.
Earlier, he called it 'deeply ironic' that such a 'financially worthless asset' as Bitcoin was able to reach a value of $100,000. According to Schiff, this was only possible due to the bribery of politicians and collusion between representatives of the crypto industry and the authorities.
Consistent criticism of financial policy
Peter Schiff has long been known for his views on gold as the only stable asset. His skepticism regarding cryptocurrencies is due to their speculative nature. Schiff believes that investors and government entities investing in Bitcoin increase risks to the economic system.
"When the economy is based on speculation, it leads to the loss of real wealth and the destruction of financial foundations," he added.