Zinger Key Points
- Peter Schiff calls Bitcoin a meme coin and "fool's gold," asserting it lacks the properties of real money.
- CryptoQuant CEO counters, stating gold’s valuation also stems from "meme energy," likening goldbugs to Bitcoin maximalists.
Prominent Bitcoin BTC/USD critic Peter Schiff reignited debates on the crypto king’s legitimacy by labeling it a meme coin devoid of intrinsic value.
What Happened: Schiff on Tuesday on X responded to Anthony Pompliano's explanation of meme coins, stating that there's little to distinguish Bitcoin from newer meme assets like TRUMP.
"It's a fine line to walk when explaining a meme coin without exposing the same fraud about Bitcoin," he added. He stated, "Bitcoin is a meme coin."
Schiff's post sparked debate across Crypto Twitter, with some comparing Bitcoin to gold.
Bitcoin podcast host Walker argued, "The meme is perfected sound money that is superior to gold" and claimed Bitcoin is gradually demonetizing gold.
CryptoQuant CEO Ki Young Ju took it further, calling gold a "meme asset," with 90% of its valuation stemming from narrative belief.
He concluded, "Goldbugs are no different from Bitcoin maxis."
Schiff dismissed the comparisons, reiterating that gold's value is rooted in tangible properties, unlike Bitcoin, which he called “fool’s gold.”
Schiff's detractors reminded him of past predictions, including his claim that Bitcoin would never reach $100,000, and asked what he would say if it hit $1 million.
One trader quipped, "Peter Schiff wouldn't exist without Bitcoin," to which Schiff retorted that he was well-known before Bitcoin.
Why It Matters: Schiff has consistently expressed concern over what he perceives as a speculative mania surrounding cryptocurrencies, warning it could harm the principles of sound money.
While he insists he doesn't hate Bitcoin, he cautioned that millions might lose more than they can afford.
In December 2024, Schiff argued Bitcoin could become a "public enemy" if the government squandered taxpayer money on it, describing it as the riskiest asset.
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