Bitcoin (BTC) skeptic and mega-economist Peter Schiff has launched a new attack on the world’s largest cryptocurrency. At this time, Schiff says that BTC is not a danger to the global financial system but rather to those who invest in it. His latest negative comments come after years of relentless and ongoing criticism of BTC representing gold and precious metals.
In X’s post on February 14, Schiff released new criticism of Bitcoin, adding to his long history of negative comments about the leading cryptocurrency. The main economist said that “Bitcoin is only dangerous for those who buy it.” His latest words came in response to crypto analyst Jeff Swanson, who had it victim gold enthusiasts writing excessively about Bitcoin despite calling it worthless.
Swanson’s statements were also in response to a post by ‘Nostra, House of gold,’ another economist on X, who said that if BTC falls to $60,000, it could. liquidity trigger.
Schiff’s latest jab at Bitcoin is consistent with his old narrative that the cryptocurrency has no real value and is putting consumers at risk. He has often argued against the idea that Bitcoin is the digital version of goldsuggesting that, unlike gold, which it does not see as a true store of value, BTC is a speculative asset that cannot be physically used and likening it to a Ponzi scheme.
Interestingly, Swanson dismissed Schiff’s claims that BTC poses a threat to owners. He noted that the very fact that gold enthusiasts continue to discuss and criticize Bitcoin shows that it is important. He also said that their strong reaction to BTC shows that they see it as a possibility a challenge to gold’s role as money.
Swanson emphasized that if BTC was a truly worthless asset with negligible market share or revenue it is destined to collapseit would not be ignored. Yet critics continue to argue and discuss it. While the crypto analyst agreed that he doesn’t see gold ever going to zero, he predicted that it will gradually lose ground to Bitcoin in the coming decades.
Schiff Continues His Gold Advocacy With Bitcoin
As anti-Bitcoin as Schiff is, he is just as, if not more, enthusiastic about gold and other precious metals. In a recent post, an economist said that BTC is gradually approaching the $ 70,000 mark, emphasizing the cryptocurrency’s continuous decline in recent weeks to levels not seen since 2024.
As an alternative to the iconic cryptocurrency legacy, Schiff encouraged investors to buy gold or silver as a hedge against inflation. He often describes BTC as an unreliable asset you believe it will eventually fall to zero in the coming years. His latest long-term forecast for the best cryptocurrency suggests it could crash to $10,000 and find support there.
Featured image from Getty Images, chart from Tradingview.com
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