HomeCryptoBitcoinPeter Schiff says Bitcoin has failed, but CZ scoffs at him

Peter Schiff says Bitcoin has failed, but CZ scoffs at him

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. 

He recently argued that Bitcoin failed because it failed to live up to the hype that was generated last year. 

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. 

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

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. 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".