Peter Schiff, a gold advocate, once again criticized Bitcoin and warned of an imminent end to the cryptocurrency bubble.
There are now over 12,000 crypto tokens, 84 of which currently have market caps above $1 billion. There is nothing special about #Bitcoin. The supply of altcoins will keep growing until the crypto bubble pops. Supply will overwhelm demand and prices will implode almost overnight.
— Peter Schiff (@PeterSchiff) September 21, 2021
“There are now more than 12,000 tokens, 84 of which currently have a market cap above $1 billion. There is nothing special about Bitcoin. The supply of altcoins will grow until the crypto bubble bursts. Supply will outpace demand and prices will collapse almost overnight,” Schiff wrote.
In the comments, he also reaffirmed his commitment to the precious metal and noted that gold’s value lies in its utility.
Gold’s value is in its utility. You can do more with gold than any other metal, and it doesn’t lose any of its unique properties over time.
— Peter Schiff (@PeterSchiff) September 21, 2021
“With gold you can do more than with any other metal, and over time it does not lose its distinctive properties,” Schiff emphasised.
One user noted that Bitcoin and Ethereum are the “Amazon and Google of the crypto revolution”:
“The Internet revolution eliminated costs and delays in our information networks. Bitcoin will eliminate costs and delays in our financial networks.”
In response, Schiff wrote that the first cryptocurrency “will remove money from the pockets of people foolish enough to buy it”.
The only thing #Bitcoin will remove is money from the pockets of people foolish enough to buy it.
— Peter Schiff (@PeterSchiff) September 21, 2021
Bitcoin breached the $43,000 level, and the second-largest cryptocurrency fell below the psychological threshold of $3,000. At the time of writing, BTC was trading around $42,700, ETH just above $3,000. The negative impact on traditional and crypto markets was the potential default of Evergrande, one of China’s largest construction companies.
In August Schiff called it a serious mistake not to have bought the first cryptocurrency when he first learned about it in 2011.
During debates over the superiority of precious metal over Bitcoin with SkyBridge Capital founder Anthony Scaramucci Schiff said that comparing the two assets is meaningless, since the cryptocurrency “lacks the qualities that give gold its value.”
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