American Economist Believes Bitcoin is Not a Legitimate Asset

Renowned Bitcoin critic Peter Schiff once again labeled Bitcoin as a phony asset.

Peter Schiff is widely known for his disdain towards Bitcoin. He is a strong advocate for Gold and Gold ETF funds. While many Bitcoin enthusiasts equate the cryptocurrency to Gold and dub it Digital Gold, Schiff remains firmly against Bitcoin. In recent years, a significant number of people have shifted their investments from Gold to Bitcoin, leading to a general animosity towards Bitcoin among Gold supporters.

On April 2, 2024, Peter Schiff took to X (formerly Twitter) to reiterate his stance that Bitcoin is an illegitimate asset. Schiff referred to recent interviews featured on CNBC, where financial experts expressed varying opinions on Bitcoin, with some praising it as the ultimate asset and others dismissing it as a poor investment choice. According to Schiff, the true value of Bitcoin is solely dictated by public perception.

In essence, Schiff believes that if one person deems Bitcoin a sham, then it is, and if another sees it as a valuable investment, then it becomes so.

Conclusively, Peter emphasized his belief that Bitcoin is a fake asset, stating it as his personal viewpoint.

This is not the first instance where Peter has expressed his disapproval of Bitcoin. Earlier this month, he criticized CNBC for predominantly covering Bitcoin news, overlooking the significant rise in Gold trading prices.

It has been suggested multiple times that Peter utilizes Bitcoin-related topics across social media platforms to garner attention.

It is noteworthy that Bitcoin has gained official recognition at a governmental level in the US, as the Securities and Exchange Commission (SEC) approved 9 Bitcoin spot ETF applications in January of this year. Consequently, a surge in interest from individuals and institutions towards this digital asset ensued.

Furthermore, discussions are underway between non-US fund managers and American fund management companies regarding investment options in Bitcoin through BTC ETF products in countries where Bitcoin lacks legal recognition.

Read also: Bitcoin crashes 8% following US govt 30k BTC sell news, Adam Back says it is good for Bitcoin


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