FX.co ★ Peter Schiff: BTC does not deserve its staggering value

Crypto analysts sometimes baffle market participants with their statements. Peter Schiff, a prominent figure among them, has made critical remarks about Bitcoin. Moreover, he has taken aim at the activities of the crypto community!

According to Peter Schiff, investors in the crypto industry are deeply mistaken about gold, believing it to be obsolete and that it is "losing its qualities as a fundamental reserve asset." This is far from true, the expert asserts. In his view, gold is the most valuable of all metals. Unlike Bitcoin, its demand has been growing steadily.

The crypto skeptic claims that Bitcoin has become a real threat not only to gold but also to the American economy. He argues that the US government is "willing to spend taxpayers' money and divert capital toward purchasing Bitcoin at the expense of the real economy and productive business." This deeply concerns the expert. "It’s one thing when private buyers voluntarily spend their own money on Bitcoin. But when they bribe government officials to use public funds to buy BTC, it becomes dangerous. Bitcoin has now become public enemy number one," Peter Schiff concludes in an unexpected twist.

Previously, the expert defined as "deeply ironic" the situation in which such a "financially insignificant asset" as Bitcoin could skyrocket to a staggering $100,000. According to Schiff, this was only possible due to the bribery of politicians and "collusion between the crypto industry and authorities."