Economist Peter Schiff published a post on the social network X, where he declared that Bitcoin has no goals or objectives.
“Nobody needs Bitcoin. People only buy it after someone else persuades them to do so. Then, after purchasing, people immediately try to convince others to do the same. It’s like a cult,” Schiff wrote.
The post comes after Galaxy Digital CEO Mike Novogratz
spoke on CNBC’s Squawk Box. The businessman predicted that the US Securities and Exchange Commission (SEC) could approve spot Bitcoin ETFs by the end of the year. According to Novogratz, Bitcoin “has always been a tool that is sold, not bought.”
Schiff responded by saying that the limited supply of bitcoins is not an advantage, but a disadvantage of the first cryptocurrency. The economist’s followers rushed to dispute the claims, starting to write that gold traders were also trying to convince other traders to buy the precious metal. Particularly active crypto enthusiasts were quick to write that Bitcoin is of great value to people living in countries with high inflation and who do not have a bank account. However, Schiff responded to commentators by saying that people making such statements “don’t know anything about gold.”
In June, when Bitcoin rose to $31,000, a cryptocurrency skeptic urged traders not to be fooled by the short-term phenomenon. Schiff later said that the grandiose promises of Bitcoin developers never came true – the coin is still not used as a means of payment throughout the world.
Source: Bits
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