Peter Schiff tweeted that users are currently required to pay about $128 to complete a Bitcoin transaction, and transactions take between 30 minutes and an hour to process.
The cost to complete a #Bitcoin transaction is now $128 and it takes a half hour to process. This is another reason why Bitcoin can't function as a digital currency. The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It's a failure.
— Peter Schiff (@PeterSchiff) April 22, 2024
Being a supporter of investing in gold, the economist proposed tokenizing this precious metal. Then payments in gold would be almost instantaneous, and costs would be minimal, an experienced investor is sure. According to him, gold works much better on the blockchain than Bitcoin itself. Earlier, immediately after the Bitcoin halving on April 20, Schiff assured that crypto investors would soon witness a halving of their net worth.
In comments to the expert’s tweet, BitMEX Research management stated that the high cost of transactions, on the contrary, is an indicator of the success of the network. BitMEX Research analysts compared Bitcoin to a crowded restaurant – the increase in fees indicates the popularity of the blockchain.
Recently, Peter Schiff said that Bitcoin is growing solely due to the so-called Greater Fool Theory, and the emergence of spot BTC-ETFs in the United States will lead digital gold to a collapse.
Source: Bits
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