Gold Buff Peter Schiff Akins Bitcoin Buyers to Kids Who Are Dumb and Inexperienced
The recognized gold investor Peter Schiff attacked the crypto community by calling Bitcoin (BTC) investors “dumb and inexperienced kids.”
He said that during the SALT Conference in Las Vegas. He has also called the digital asset a “pump and dump scheme.”
Gold Investor Attacks Bitcoin
Virtual currencies, specifically Bitcoin, have been expanding all over the world during the last few years. There are some experts that compare Bitcoin with gold due to the fact that they share similar characteristics such as limited supply.
About it, he said at the SALT Conference:
“A bunch of young inexperienced kids are going to be dumb enough to buy Bitcoin. Maybe they will. But as they get older they’re going to learn better.”
After the debate, SALT Conference decided to conduct a poll on Twitter asking whether millennials are more likely to buy gold or Bitcoin. The results showed that 91% of the respondents voted for the Bitcoin option.
The founder of Digital Currency Group Barry Silbert explained that there is a huge generational shift. Several individuals will be investing in Bitcoin rather than in gold or other traditional assets. He has also mentioned that younger generations do not consider gold in the same way as older generations.
Grayscale Investment Fund was able to manage $1.8 billion in digital currencies and it has also recently launched a new campaign called #DropGold. The intention is to attract institutional investors to embrace digital currencies, specifically Bitcoin.
Schiff has also explained that Bitcoin cannot function as money and that equating gold to money is also ridiculous. He has mentioned that it is not possible to go to Starbucks and buy a cup of coffee with gold. Nonetheless, Starbucks, Whole Foods and other recognized retailers are now accepting Bitcoin at their stores.
Although Schiff believes that in the long-term every single other asset will beat Bitcoin in the short term, Bitcoin has already outperformed all other asset classes this year, including gold and commodities.