Renowned economist and fierce Bitcoin BTC/USD critic, Peter Schiff, launched a no-holds-barred attack against the digital currency, going to the extent of calling it “fraud.”
What Happened: Schiff’s remark was in response to a Bitcoin-supportive post by MicroStrategy co-founder Micheal Saylor, who shared the trailer of an upcoming documentary on the asset titled "God Bless Bitcoin."
The theme of the documentary revolves around the rapidly declining purchasing power of the U.S. Dollar due to excessive printing by the Federal Reserve, and how Bitcoin acts as the ideal alternative.
Schiff took objection to this very idea and said, "While it’s true that the dollar is flawed, Bitcoin is even more flawed."
He added that if one is worried about the dollar, they should rather invest in precious metals, like gold and silver, instead of Bitcoin which is a "fraud."
Why It Matters: Schiff's criticism of Bitcoin, and endorsement of gold and silver as ideal safe-haven assets are well-known.
He has been slammed by the pro-Bitcoin crowd for coming up with small timeframe windows as per his liking to highlight Bitcoin’s weaknesses and exaggerate the performance of assets he supports.
Earlier in May, he infamously said, "Bitcoin Is Dead, Long Live Silver." This was in response to Bitcoin's correction at that time.
However, on a longer timeframe, King Crypto has outperformed both gold and silver. While Bitcoin has surged 90% from exactly a year ago, the yellow metal gained only 21%. Similarly, silver recorded gains of just 28% over the last year.
Price Action: At the time of writing, Bitcoin was trading at $58,810.78, up 3% in the last 24 hours, according to data from Benzinga Pro.
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