- Peter Schiff lambasts Bitcoin again
- Schiff said Bitcoin is a Ponzi that relies on buyers
- Gabor Gurbacs confronts Schiff
Bitcoin News Today – Peter Schiff – the CEO of Euro Pacific Capital is not getting tired of lambasting BTC. Recently, he referred to the world’s largest digital currency by market cap as a “Ponzi” that depends on buyers. Schiff is a prominent gold bug and he has been on the case of Bitcoin for quite some time now.
Schiff Said Bitcoin (BTC) Is Running Out of Buyers
Recently, Schiff lashed out Anthony Pompliano – the founder of Morgan Creek Digital. Schiff lashed out Pompliano for saying that Bitcoin is intended to serve the people, unlike fiat currency that only serves the government that created them. In a recent tweet, the gold proponent pointed to the fact that Bitcoin (BTC) is yet to achieve mainstream adoption as a currency, which makes the claim of Pompliano premature and irrelevant.
Bitcoin (BTC) Price Today – BTC / USD
Pompliano also replied and said that BTC is now a more popular currency than gold. In response, Schiff reiterated his earlier statement that Bitcoin can only be considered a speculative asset, not a real currency. The CEO of Euro Pacific Capital further added that the popularity of the largest digital currency in the world was waning, and it is running out of new buyers to keep the Ponzi going. According to a recent report, Schiff is certain that BTC is a ‘pump and dump scheme,’ and all the strings were pulled by deep-pocketed whales.
It's popular as a speculative asset, not as a currency. And its popularity there is no longer growing. Look at google trends. Running out of new buyers to keep the Ponzi going.
— Peter Schiff (@PeterSchiff) December 12, 2019
Bitcoin Is Unlikely to Survive the Next Decade – Peter Schiff
Gabor Gurbacs – the digital asset director of VanEck – confronted Schiff, saying that his argument would have made sense if only Bitcoin had existed for thousands of years. Nevertheless, Schiff said that Bitcoin (BTC) is unlikely to survive the next decade.
The view of the gold proponent is diametrically opposite to that of Jim Reid – an analyst at Deutsche Bank. In his “Imagine 2030” research, the analyst said that digital currency was on the verge of its breakout decade as fiat currencies were becoming more fragile.
There are many who believe in the digital currency as well as what the future holds for the industry. The BTC industry is fast growing and the adoption of cryptos is also on the rise. BTC has got great potentials, and the prediction of Schiff, Bitcoin dying in the next decade, is not likely to happen.
Bitcoin Price Trend
Bitcoin has been relatively down over the past few days. Since the beginning of this week, the digital currency has not recorded any major uptrend. At press time, BTC to USD price is $7,249 after an increase of less than one percent over the past day.