Bitcoin surged to a historic high of $100,000, giving every Bitcoin supporter more confidence to advocate for Bitcoin's benefits. However, for non-Bitcoin supporters, it might be a painful transition period, as the market where 'price equals right or wrong' likely does not allow for other voices.
Government bribery encourages people to waste money on Bitcoin.
Gold advocate and economist Peter Schiff has always had a negative view of Bitcoin and often criticizes it on Twitter. On December 9, Peter Schiff issued another critique, stating: 'Bitcoin has become a national security threat. It’s one thing when private citizens voluntarily waste their own money purchasing Bitcoin. But when they bribe government officials to squander public money to buy it, that crosses the line. Bitcoin is now Public Enemy No. 1.'
Bitcoin does not threaten gold; money should be spent in the real industry.
Peter Schiff's argument is not about whether Bitcoin is defined as currency or gold, but he believes that investing in Bitcoin is unhelpful for national strength. Peter Schiff stated: 'Bitcoin has become a real threat, not to gold, but to the United States. The threat lies in the government wasting public money to purchase it, while misdirecting more funds into Bitcoin and blockchain-related businesses at the expense of productive enterprises.'
Due to the rise in the price of Bitcoin, along with Fed Chairman Powell mentioning Bitcoin as digital gold, many people are more convinced of its potential to replace gold. Recent chain news articles (The Rise of Digital Gold: Can Bitcoin Replace Gold as a National Reserve or a De-dollarization Tool?) are discussing the viewpoint of Bitcoin as a substitute for gold and currency reserves.
This article, Gold Advocate Peter Schiff: Bitcoin is Public Enemy No. 1 in the United States, Government Bribery Encourages People to Waste Money, first appeared in Chain News ABMedia.