Noted economist Peter Schiff, in a recent post on X, expressed skepticism over Bitcoin’s (CRYPTO: BTC) real-world utility, likening it to a gamble. His tweet came amidst the approval of Bitcoin Spot ETFs by the Securities and Exchange Commission.
What Happened: On Wednesday, Schiff, took to the platform formerly known as Twitter, to share his thoughts on the growing Bitcoin speculation. “In addition to all the previously existing ways to gamble on #Bitcoin, there are now eleven more ways for speculators to place their bets. The problem for the bulls is now what’s left to bet on? It’s just too bad that Bitcoin itself has no actual real world utility, like #gold.”, he tweeted.
In addition to all the previously existing ways to gamble on #Bitcoin, there are now eleven more ways for speculators to place their bets. The problem for the bulls is now what’s left to bet on? It’s just too bad that Bitcoin itself has no actual real world utility, like #gold.
— Peter Schiff (@PeterSchiff) January 10, 2024
Schiff warned that the “jury is still out as to how much wealth will be lost, and who will lose it. But those who bought Bitcoin early and got out, certainly took a lot of wealth away from those who got in later.”
The jury is still out as to how much wealth will be lost, and who will lose it. But those who bought Bitcoin early and got out, certainly took a lot of wealth away from those who got in later.
— Peter Schiff (@PeterSchiff) January 10, 2024
Earlier, Schiff had cautioned that the much-anticipated Bitcoin ETF approval rally may not live up to the speculators’ expectations. “Those who wait for the actual news to sell their Bitcoin may discover that there are very few speculators left to buy!”, warned Schiff.
On Bitcoin’s utility, Schiff acknowledged that the cryptocurrency could be sent “through the internet” but “it’s not a store of value.” It should be noted that Schiff is a notable proponent of gold.
You can send bitcoin through the internet, but it’s not a store of value.
— Peter Schiff (@PeterSchiff) January 10, 2024
He also replied to an X user who commented, “Can’t you just be happy for us for just one day!”
When did I say I wasn’t happy?
— Peter Schiff (@PeterSchiff) January 10, 2024
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