Bitcoin's Brief Spikes On Alleged Good News Quickly Reversed, Notes Peter Schiff: 'How Many More Times Will The Crypto Lemmings Be Fooled'

Peter Schiff, a prominent gold advocate, has once again expressed his skepticism about Bitcoin BTC/USD, suggesting that the leading cryptocurrency holds no real-world utility.

What Happened: On Thursday, Schiff took to Twitter to voice his thoughts on Bitcoin. He dismissed the idea that a spot Bitcoin ETF would fuel its adoption, asserting that it merely enables speculative betting on price movements. He criticized CNBC for downplaying the fact that “gambling doesn’t count as a use case for a currency.”

See Also: Seasonal Tokens: The Intersection Of Sustainability And Islamic Finance

This tweet comes in the wake of the U.S. Court of Appeals for the D.C. Circuit giving the green light for Bitcoin exchange-traded funds (ETFs). The court sided with Grayscale Bitcoin Trust GBTC against the Securities and Exchange Commission (SEC), which had earlier denied their application to convert their Bitcoin Trust into an ETF.

Why It Matters: Schiff’s comments reflect his long-standing skepticism towards Bitcoin. He has often warned investors that Bitcoin’s price will eventually plummet to zero, citing fraud and the role of the Fed in increasing the money supply as factors contributing to Bitcoin’s inflated price. 

He also noted that Bitcoin had one of its worst years in 2022 and hinted that worse might be yet to come. 

Despite his bearish stance on Bitcoin, Schiff sees a promising future for assets used to hedge against inflation like gold. He believes these assets are on the brink of a breakout while the dollar and Bitcoin are nearing a breakdown. 

Photo by Oier Aso on Shutterstock

Read Next: Why Bitcoin- And Ethereum-Related Stocks Are Exploding Higher