Bitcoin buyers are ‘’a bunch of young inexperienced kids’’ according to gold investor Peter Schiff who is a well-known bitcoin skeptic. In the latest cryptocurrency news, Schiff shot the usual dose of criticism for Bitcoin calling it a ‘’pump and dump scheme.’’
During the SALT conference Schiff stated that bitcoin has no real value and in his statement, he managed to add the following:
“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.”
When he made clear that half of the audience owns bitcoin, he compared bitcoin to gambling by saying:
“I doubt they have a substantial amount of it. Maybe they bought it like they would go into a casino and buy some chips.”
During the same debate, the bitcoin investor and founder of Digital Currency Group Barry Silber challenged Schiff to give his perspective on gold claiming that there is a huge generational shift moving towards bitcoin and that bitcoin buyer are wrong to relate it to gold:
“There is a generational shift in investor mindset that is happening. Over the next 25 years $68 trillion of wealth is going to be handed down from boomers to Gen X, Gen Y, and Millennials. And I can assure you that the younger generation of investors don’t view gold the same way as our parents and grandparents did… So as the $68 trillion gets handed down, it is not going to stay in gold.”
Schiff ranted further about cryptocurrencies and stated that gold is far better than crypto. He claimed the ‘’gold is money’’ while saying that bitcoin has no way that it can ever function as money. He also stated that you cannot equate bitcoin to gold and that nowadays money is digital. Schiff also maintains that over the years, most asset classes will beat bitcoin:
“The air is coming out of this bubble. The peak of the market was at $20,000… Now we’re in a bear market and in a bear market you always have rallies. You have these false rallies, we’re having one now… Pretty soon it’s mostly going to be stories about people who lost their life savings because they put real money instead of play money into bitcoin.”
Schiff appeared on RT’s Keiser Report as mentioned in the altcoin news and slammed bitcoin as ‘’fool’s gold.’’
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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