- Peter Schiff questions Bitcoin status as “digital gold” in the midst of inflation problems and price volatility.
- The cryptographic community debates the position of Schiff, some calling it outdated.
The famous economist and critic of Bitcoin (BTC), Peter Schiff, once again targeted the main cryptocurrency, questioning his status of “digital gold”.
Peter Schiff again takes a blow at Bitcoin
In his latest remarks, Schiff suggested that the role of BTC as a coverage against inflation is weakening, in particular as the concerns concerning stagflation increase.
He stressed that Bitcoin growth seems to slow down despite an increase in inflation, which calls into question the generalized belief in its long -term viability as a reserve of value.
In addition, he has questioned the effectiveness of Bitcoin reserve strategic plans, which implies that they may not give the expected results.
Schiff added,
“Price uncertainty adds to pressure on the financial markets. Gold reaches record peaks as Bitcoin blocks. Bye bye Bitcoin Reserve. ”
Notes of the Slams Schiff community
Criticizing the remarks of Schiff, an Erik Huisman chain analyst, said,
“People like Trump, Larry Fink and other smart people all play 4D failures while you just watch the table of daily prices. Grow up Peter. Clearly, people with a little sense in their brain see something you miss.
Dan Hold, who made fun of Schiff with his article, echoes similar feelings with an image that said,
Source: Dan Held / X
In addition, defying the claims of Schiff, another X-Juraj Bednar user noted,
“I can barely notice a drop. On most gold terms. ”
Source: Juraj Bednar / X
This underlines how Schiff’s negative commentary on Bitcoin is never well appreciated by the cryptographic community. In fact, his remarks also seem shocking given the unexpected movement he had made recently.
For those who do not know, for his 62nd anniversary, Schiff surprised a lot by expressing his interest in holding BTC in a material portfolio.
Current market condition
That said, Schiff’s latest remarks occur at a time when BTC is experiencing significant price fluctuations.
After briefly touched $ 88,000, the main cryptocurrency experienced a strong correction, moving to $ 83,000 before going back slightly to $ 83,148.79, marking a gain of 0.28% in the last 24 hours.
Consequently, the remarks of Schiff, combined with the conditions of the volatile market, aroused speculation to know if his opinions on Bitcoin are softening or if this movement is simply symbolic.
