Peter Schiff: “Bitcoin Is Successful Solely Because Of The Marketing Hype Surrounding It”
- Schiff — who is the CEO and chief global strategist of Euro Pacific Capital Inc — has often likened Bitcoin to a big ponzi scheme in the past.
- He believes that once the hype surrounding the premier asset dies down, the crypto offering will become worthless almost overnight.
Over the past couple of years, a number of people have begun to realize the true potential of crypto enabled technologies and how they can completely transform the global economic landscape. However, despite all the positive developments taking place around this burgeoning space, there are still people like Peter Schiff who believe that the premier digital asset’s meteoric rise has been solely due to clever marketing ploys.
Schiff, who is a well known crypto hater, has often slammed Bitcoin and has claimed that gold is a much better store-of-value when compared to the flagship cryptocoin. In this regard, he recently sent out a tweet in which he tried to make it seem as though Bitcoin’s popularity has increased globally because of well crafted PR scheme that is bound to implode in the coming few years.
“Bitcoin was a major marketing success for big buyers who got in early. But to really succeed they must dump what they pumped without crashing the price. Doing so requires creating enough FOMO to sucker institutional investors into coming aboard without HODLers jumping ship.”
From a technical standpoint, we can see that while BTCs price is based on the balance of its buyers and sellers, the same can be said for nearly every other financial asset available in the market today.
Cryptocurrencies get their intrinsic value from their decentralized nature as well as their ability to serve as “uncorrelated assets”.
Most of the monetary benefits associated with Bitcoin are linked primarily to the crypto asset’s ability to help decentralize the global economy and reduce the massive debts that various governments across the globe have acquired over the years.
In closing out this piece, we need to point out that recently Anthony Pompliano — a partner at Morgan Creek Digital — issued a message online in which he highlighted the ECB’s decision to slash interest rates as being evidence of a gradually destabilizing economy.
ROCKET FUEL: They’re going to cut rates and print money right as we march towards the Bitcoin halving.
Buckle up. This will be wild 🚀 pic.twitter.com/QotDXKTJRj
— Pomp 🌪 (@APompliano) July 25, 2019