Bitcoin [BTC] is a ‘speculative vehicle for gambling’, says broker Peter Schiff

2019-5-12 02:30

The recent meteoric sprint in Bitcoin’s valuation has ignited debate among analysts, with opinions pouring in from both crypto enthusiasts as well as critics. One such critic was the CEO of Euro Pacific Capital, Peter Schiff, who has always been critical of Bitcoin even during the coin’s bull run. The recent Bitcoin storm failed to impress the critic asthe  CEO claimed that the cryptocurrency was just a “speculative vehicle for gambling” in a recent Keiser Report’s talk session.

The veteran stockbroker said that he did not believe that Bitcoin had anything in common with gold and claimed that Bitcoin was a “fool’s gold”, despite admitting that the cryptocurrency has few similar “monetary properties” to that of the gold. Schiff added,

“I mean it pretends to be gold.”

He further said that Bitcoin had no intrinsic value other than what people were willing to buy it for, because “they think they can sell to somebody else at a high price”. He went on to rant about Bitcoin being a Ponzi scheme.

The CEO also criticized the new Greyscale’s #DropGold commercial, which called digital currencies like the Bitcoin a future.

The financial commentator is of the opinion that unlike gold, Bitcoin does not have any utility. The only use case for the cryptocurrency is in theory as a speculative “trading vehicle” for gambling. He further claimed that BTC, as a medium of exchange, is crippled with the major drawbacks. According to Schiff, BTC is expensive and cumbersome.

The post Bitcoin [BTC] is a ‘speculative vehicle for gambling’, says broker Peter Schiff appeared first on AMBCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) íà Currencies.ru

$ 95304.09 (-0.59%)
Îáúåì 24H $41.805b
Èçìåíåèÿ 24h: -2.16 %, 7d: -7.35 %
Cåãîäíÿ L: $95217.68 - H: $97458.26
Êàïèòàëèçàöèÿ $1886.8b Rank 1
Öåíà â ÷àñ íîâîñòè $ 7300.67 (1205.42%)

bitcoin schiff peter recent vehicle broker speculative

Èñòî÷íèê: ambcrypto.com

bitcoin schiff → Ðåçóëüòàòîâ: 19


Peter Schiff Warns Investors From Bitcoin, Says They Should Buy This Instead

Economist Peter Schiff has long been against Bitcoin. He has repeatedly warned investors to stay away from the digital asset because he does not believe that it holds any inherent value. Now, more often than not, Schiff has always been wrong about Bitcoin but that has not stopped the economist from preaching strongly against the cryptocurrency.

2023-4-5 16:00


Ôîòî:

“BTC Will Hit Ground Zero” Peter Schiff Blasts As Bitcoin Tanks

Popular crypto-critic, Peter Schiff, has talked tough against Bitcoin following its nascent decline below the $30,000 belt. In what looked like a Twitter thread of vituperations mocking Bitcoin’s woes, Schiff rolled out a chronicle of comparative analysis between Bitcoin’s performance as an investment choice and that of his beloved gold. That gold has drifted only […]

2021-6-25 16:45


Ôîòî:

“The Next Crash Will Be Brutal!” Top Crypto Critic Peter Schiff Asserts After His Son Went All-In On Bitcoin

On Thursday, renowned cryptocurrency arch-critic, Peter Schiff, took to Twitter to lament Bitcoin’s growing influence on his family. Struck by the decision of his 18-year-old son, Spencer Schiff, who took an 8% interest loan off Coinbase to fetch some bitcoin into his asset satchel, Peter tweeted a hot swipe at HODlers by labeling his son’s […]

2021-6-20 20:21


Peter Schiff Claims Bitcoin Is Back in a Bear Market

Gold bug Peter Schiff believes that bitcoin’s recent fall signals the start of a new bear market. In response to a tweet by Gemini Co-Founder Tyler Winklevoss, Schiff, who is the CEO of Euro Pacific Capital, credited bitcoin’s surge over the past two months to a spillover effect from gold and a fortuitous television ad […] The post Peter Schiff Claims Bitcoin Is Back in a Bear Market appeared first on BeInCrypto.

2020-9-7 02:08


Ïàðòíåðû Currencies.ru

Àíàëîã Notcoin - Blum - Èãðàé è çàðàáàòûâàé Ìîíåòû



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

$36 Trillion Question: Can Bitcoin Really Save The US? Peter Schiff Thinks Not

A renowned economist disagrees with Bitcoin supporters who claim that cryptocurrency could someday solve the national debt of the United States. Related Reading: Energy Crisis In Iran — Is Bitcoin Mining To Blame? Economist Peter Schiff expressed his skepticism on the bold declaration of what he called “Bitcoin pumpers” that 1 million BTC can settle […]

Economist And Crypto Critic Reveals How Bitcoin Could ‘Destroy’ The Dollar

A financial commentator warned that Bitcoin could potentially weaken the US dollar if the government would intervene in the cryptocurrency. Economist Peter Schiff believes that if the American government decided to adopt the firstborn crypto, it would have an adverse effect on the greenback by inflating the money supply.

Is Peter Schiff Clueless About Bitcoin? BitMEX Spars Over Fee Spike

The recent Bitcoin halving event, meant to slow down the creation of new coins, has ignited a fresh debate within the cryptocurrency community. Economist Peter Schiff threw gasoline on the fire by criticizing Bitcoin’s viability as a currency due to rising transaction fees and sluggish processing times.