The President of the Euro Pacific Capital investment company and the cryptospeptic Peter Shiff criticized the statement of the US Vice President JD Vance (JD Vance) that Bitcoin creates wealth and protects from inflation.

Peter Schiff denied the abstracts of the US Vice President, indicating that the creation of this wealth does not occur due to the first cryptocurrency or other virtual coins. In his opinion, there was a massive overcoming of capital from the early investors to those who came to him later. This process was accompanied only by the waste of funds and the ineffective placement of capital.

“Vance said that bitcoin is a protection against poor government policy and rapid inflation. Since he himself is part of the administration, the first will lead to the second. The Americans really need protection. But this protection will be provided with gold and silver, not bitcoin, ”Schiff said.

Instead of offering investment funds and private individuals, the “wrong asset” as an instrument of protection against inflation, the authorities need to develop an economic policy that helps to restrain prices, summarized the cryptospeptic.

Earlier, the founder of the American company Strategy Michael Saylor (Michael Saylor) made a sharp criticism of the existing system of evidence of reserves (Proof of Reserves). In his opinion, the current approach creates serious security threats to exchanges and firms.