Peter Schiff is a well-known detractor of Bitcoin, considering that he is, instead, a strong supporter of gold, being the founder of SchiffGold.
Peter Schiff is at it again criticizing Bitcoin
Perhaps it is because he fears that Bitcoin will somehow compete with gold in the financial markets. He has been targeting Bitcoin for several years now, ever since the price was below $500.
#bitcoin price crashes below $500, down over 20% on the day, on exchange hack and theft of the crypto currency.
— Peter Schiff (@PeterSchiff) August 2, 2016
He recently argued that Bitcoin failed because it failed to live up to the hype that was generated last year.
#Bitcoin has failed to live up to the hype and those institutions that put a toe in the water last year are not likely to take the plunge. This year most will opt to cut their losses and sell. I doubt @saylor and @nayibbukele have enough dry powder to keep the market propped up.
— Peter Schiff (@PeterSchiff) January 18, 2022
He argues that those institutions that started buying BTC last year are not actually inclined to make the big move, so much so that this year most will choose to sell to cut their losses.
He also veiledly accuses Microstrategy CEO Michael Saylor and El Salvador President Nayib Bukele of pumping up the market.
The first to respond sharply was Bukele himself, who asked Schiff to tell how things are going for his bank.
How’s your bank going?
— Nayib Bukele (@nayibbukele) July 6, 2022
In fact, a few days ago it was discovered that authorities in Puerto Rico closed a bank owned by Peter Schiff (Euro Pacific Bank) on suspicion of tax evasion and money laundering.
But the main scoffing is initiated by Binance founder and CEO Changpeng CZ Zhao.
This one is a little old, but fitting for the purpose. 😂 pic.twitter.com/coUP7gIaCR
— CZ 🔶 Binance (@cz_binance) July 7, 2022
The image posted by CZ, in response to Schiff, shows an old photo of Schiff himself claiming that Bitcoin is a bubble. He did this when it was worth $1, when it was at $100, and again at $1,000. Then we see a current photo of him trying to complete the KYC procedure on Binance.
CZ, CEO of Binance, responds ironically to Peter Schiff
Obviously, this is just an ironic photo montage, but it is as if CZ is saying that sooner or later Schiff will also capitulate by starting to invest in BTC.
It is worth noting that since the Fed kicked off its new mighty quantitative easing campaign in April 2020, which over the long run has caused inflation to soar, the value of gold has basically stayed the same, thus failing to make up for the loss in purchasing power. Instead, the price of Bitcoin has risen more than 100%, proving to be a far better investment since then, at least for now.
However, one must always remember that Schiff’s words are biased and always partisan. He does not give information, but rather spreads propaganda in favor of gold, and against Bitcoin. So it is more than obvious that they are taken with hilarity at best, and trigger sarcastic and humorous reactions that are far from serious.