Renowned economist Peter Schiff has reiterated his skepticism towards Bitcoin BTC/USD, stating that he has yet to hear a compelling argument that would change his stance.
What Happened: Schiff was expressing his views on the leading cryptocurrency during his weekly YouTube podcast Sunday night. In a dig taken at Bitcoin advocates, he said, “I know all you guys are gonna try to win me over, convert me and get me to embrace Bitcoin. It’s not going to work.”
The staunch critic stated that he wasn’t close-minded on Bitcoin, but asserted not encountering any solid argument to refute his stance or influence him to act differently. “I’m open-minded but I’m also intelligent and honest.”
See Also: Crypto Whales Scoop Up Pepe Tokens During Market Dip As Dogecoin, Shiba Inu Interest Fades
Why It Matters: Schiff’s views on Bitcoin have been a topic of debate in the cryptocurrency community. His recent comments come in the wake of a nearly 3% drop in the King Crypto’s value over the weekend.
Owing to the weekend swings, Schiff expressed his reservations over Bitcoin’s potential to be a reserve asset yet again, questioning the logic behind choosing an asset that is more volatile than the assets it's supposed to hedge.
Schiff also downplayed Bitcoin’s recovery rally last week by linking it to a “vague” cryptocurrency announcement by Donald Trump’s family.
Price Action: At the time of writing, Bitcoin was exchanging hands at $58,409.59, down 4.19% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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