Gold bug and economist Peter Schiff on Wednesday said that he agrees with JP Morgan CEO Jamie Dimon that “Bitcoin (CRYPTO: BTC) has no value.”
What Happened: In a post on X, Schiff said, ‘Jamie Dimon is correct that Bitcoin has no value.”
He added that CNBC anchor Joe Squawk “is wrong that Bitcoin has all the characteristics that made gold valuable for thousands of years. Both are wrong about gold. Bitcoin has none of the gold’s unique properties that make it such a valuable and useful metal.”
Jamie Dimon is correct that #Bitcoin has no value. @JoeSquawk is wrong that Bitcoin has all the characteristics that made #gold valuable for thousands of years. Both are wrong about gold. Bitcoin has none of gold’s unique properties that make it such a valuable and useful metal.
— Peter Schiff (@PeterSchiff) January 17, 2024
Dimon at a CNBC event in Switzerland pledged, “This is the last time” he will discuss Bitcoin, which he claims is associated with illegal activities.
However, he acknowledged blockchain’s validity and segmented cryptocurrencies into those with practical applications based on smart contract technology and others he branded as “the pet rock.”
Schiff also predicted a decline in Bitcoin’s price, attributing the lack of price movement from Bitcoin exchange-traded funds (ETF) introductions to a greater amount of Bitcoin being sold than the amount bought through these funds.
“The reason that investor buying of the new Bitcoin ETFs isn’t pushing up the price of Bitcoin is that the outflows from GBTC plus selling of BTC exceed the combined inflows into all of the other ten Bitcoin ETFs. Once the initial ETF demand wanes, I expect a bigger price drop.”
The reason that investor buying of the new #BitcoinETFs isn’t pushing up the price of #Bitcoin is that the outflows from $GBTC plus selling of #BTC exceed the combined inflows into all of the other ten Bitcoin ETFs. Once the initial ETF demand wanes, I expect a bigger price drop.
— Peter Schiff (@PeterSchiff) January 17, 2024
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Why It Matters: Earlier on Tuesday, Schiff voiced concerns about the Securities and Exchange Commission (SEC) approval of spot Bitcoin ETFs.
He tweeted his prediction that SEC Chairman Gary…
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