Gold Bull Peter Schiff Hits Out at ‘Ponzi Scheme’ Bitcoin
The bad blood between Bitcoin and gold advocates has raged on for years. Bitcoin enthusiasts believe that gold is obsolete, while gold bugs bash Bitcoin for its link with criminal enterprises. Peter Schiff, one of the most ardent crypto detractors, is back on his Twitter roll, hurling insults at the leading cryptocurrency once more.
No Bias Indeed
Yesterday, Schiff, who runs investment company Schiff Gold, took to Twitter to accuse Bitcoin holders of hypocrisy. The gold bug explained that many crypto proponents had accused him of bias against the leading cryptocurrency because of his advocacy for gold. However, they also do the same thing through their crypto holdings.
Speaking on, Schiff called Bitcoin a pyramid scheme, explaining that most of its owners always feel the pressure to invite others to invest in it.
Schiff was notoriously silent two weeks ago when Bitcoin broke the $20,000 mark and surged to a new all-time high. However, he appears to have found his tongue once again and has been firing off tweets for days. On Sunday, the gold bug said that Bitcoin was a Ponzi scheme, explaining that the leading cryptocurrency will be remembered as a fraudulent endeavor in a century.
The same day, Schiff accused Bitcoin holders of being bandwagon members who were merely falling to the asset’s fad.
“Many accuse me of tweeting about Bitcoin to get attention. If attention was my goal, I would pretend to jump on the Bitcoin bandwagon and be like all those high-profile Bitcoin promoters who tweet about #Bitcoin far more than I do. I’m just the voice of reason in the insanity,” Schiff wrote.
Crypto Haters on the Prowl
Schiff is not the only crypto critic to hit out at Bitcoin following its new status. Nouriel Roubini, a notable economist and professor at the New York University’s Stern School of Business, forecasted stringent crypto regulations from the incoming Biden administration.
In a pre-Christmas Twitter debate, Roubini discussed with lawyer Jake Chervinsky about a recent government proposal to place stablecoin payments under on-chain Anti-Money Laundering Know-Your-Customer (AML/KYC) identity verification requirements.
While Cherminsky commented that the proposal would not become enforceable law, Roubini highlighted that the Biden administration could see it passed.
The economics professor pointed out that he has experience working with incoming Treasury Secretary Janet Yellen at the Council of Economic Advisers (CEA). He explained that Yellen would crackdown on the “criminal cesspool” that is the crypto space much more than her predecessor, Steve Mnuchin.
Roubini and Schiff remain ardent in their disdain for anything crypto. The men, as well as many others, are proof that some will continue to see the worst in cryptocurrencies no matter how much the assets rise or try to become legitimate.
