Bitcoin
Bitcoin is dead, says Peter Schiff
Alex Dovbnya
Schiff also denied simply seeking more involvement with his controversial anti-Bitcoin approaches
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Peter Schiff has expanded the Bitcoin obituary list declaring that the largest cryptocurrency is already dead despite trading near its all-time high.
The damning claim is based on the fact that Bitcoin has vastly underperformed silver since April (2% and 21%, respectively).
Schiff added that Bitcoin promoters will lose “a lot of money” betting on the cryptocurrency.
The cryptocurrency community, of course, accused Schiff of only focusing on small time frames to promote his narrative. It is important to note that Bitcoin is up almost 60% year to date. For comparison, silver rose 14.46%.
Schiff does not seek engagement
Schiff is widely known as one of Bitcoin’s most notorious critics. He has been dismissive of cryptocurrency since 2011, when it was changing hands in meme dollars.
In his recent social media post, Schiff criticized those who claim he is attacking Bitcoin just to get attention. His argument is that praising the cryptocurrency would have attracted more engagement. “But I’m not willing to sacrifice my integrity just to attract followers or increase engagement,” he said.
Their motivation stems from the fact that Bitcoin promoters are presenting the cryptocurrency as a digital version of gold. “Bitcoin promoters are trying to convince people to buy Bitcoin instead of gold. I don’t want people to make that mistake. If Bitcoin firefighters stop claiming that Bitcoin is digital gold, I won’t need to post about it,” he said he.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the booming industry – from price analysis to Blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. He can be reached at alex.dovbnya@u.today.