Peter Schiff: “Bitcoin is a Shady Ponzi Scheme… Pretends to be Gold but is Just Fool’s Gold”

During a recent interview with Max Keiser, Euro Pacific Capital CEO Peter Schiff likened Bitcoin to “fool’s gold”. Not only that, he even disparaged the crypto sector as a whole by comparing the industry to a giant ‘Ponzi scheme’.

On the matter, Schiff was quoted as saying:

“I don’t think bitcoin has anything in common with gold. I mean it tries to pretend to be gold, but I think it’s fool’s gold.”

A Closer Look at the Situation

As many of our regular readers are probably well aware of, Schiff is a respected stockbroker and financial commentator who is best known for his early warning calls back in 2008, wherein he alerted everyone about the impending market crash that saw the US housing sector implode in a big way.

Since then, he has gone on to become a vocal crypto critic — often comparing Bitcoin and other similar assets to commodities with “little to no intrinsic value.”

“It has some of the monetary properties of gold but none of the commodity properties of gold, and you can’t be money unless you’re a commodity first. By definition, money is the most liquid commodity, and bitcoin has no intrinsic value other than the fact that people are willing to buy it because they think they can sell it to somebody else at a higher price. That’s not money, that’s a Ponzi scheme.”

New Online Campaign ‘#DropGold’ Continues to Garner Momentum

Over the course of the past few weeks, a new campaign called “#DropGold” seems to have captured the attention of the global investor community. The aim of this entire movement is to help promote cryptocurrency to the masses as being a tangible alternative to traditional SOVs such as gold, silver etc.

The above displayed advertisement states that quite unlike gold, crypto assets actually have some real world use cases. However, as was to be expected, Schiff has been quite dismissive of the movement claiming that this episode is the most-likely the effort of an ”average millennial” who is looking to gain some free air-time.

Final Take

Despite Schiff constantly bashing the altcoin market over the past couple of years, it is worth noting that when compared to gold, Bitcoin's value has done exceedingly well — with the currency’s total market cap already up to an impressive $110 Billion since 2009.

Last but not least, it should also be pointed out that Keiser has been advocating the use of crypto-coins such as BTC, ETH from the start of this decade. As a result of this, he now hosts one of RTs most viewed programs ‘The Keiser Report’.

Bitcoin’s price is $57,567.89 BTC/USD exchange rate today. The real-time BTC market cap of $1.08 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $22.21 Billion and live coin value change of BTC 4.66 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$57,567.8925 change ~ 4.66%

Coin Market Cap

$1.08 Trillion

24 Hour Volume

$22.21 Billion

24 Hour VWAP

$56.4 K

24 Hour Change


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