Economist Peter Schiff has been known for taking sharp digs at Bitcoin BTC/USD advocates for their commitment to the leading cryptocurrency. On Wednesday, he took his teasing game to a whole new level.
What Happened: The Bitcoin critic shared a sleek AI-generated video via his official X post, with a voiceover of his famous quotes about the currency said over the years and pulsating music.
"Just a little entertainment for my Bitcoin friends. Enjoy," Schiff wrote.
The video showed Bitcoin being metaphorically likened to a group of ducks, whose world goes haywire.
Complete with transitions and effects, the video shows the popping of bubbles, in reference to Schiff's famous remark, "The Bitcoin's story is one of a bubble."
The animation ended with Schiff's voiceover, "If it walks like a duck, quacks like a duck, then it's a duck, and Bitcoin is the biggest duck of them all."
Why It Matters: Schiff has been called out for being unreasonably critical of Bitcoin by supporters of the currency.
They have accused him of coming up with small timeframe windows as per his liking to highlight Bitcoin’s weaknesses and exaggerate the performance of assets he supports, most notably gold.
However, on occasions, his arguments have been acknowledged by experts.
Earlier in the week, Schiff stated that the bulk of the demand for Bitcoin ETFs was coming from people who don't value King Crypto's fundamentals and see them just as a tool to cash out at profits. Bloomberg ETF analyst Eric Balchunas called it a "fair" point.
Price Action: At the time of writing, Bitcoin was exchanging hands at $57,301.38, up 1.37% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
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