Crypto-enthusiasts hail bitcoin as an alternative to fiat currency; however, it is not doing what it is designed to do, as nothing can be purchased with bitcoin or any other cryptocurrency, says crypto-skeptic Peter David Schiff. The CEO of Euro Pacific Capital (EPC) was replying to a follower on Twitter who commented that bitcoin was a way out of the current crisis and a chance to avoid using cash.
“Pay with crypto is a marketing gimmick to make it easier for people to get rid of their bitcoin and buy gold,” said Schiff.
The CEO of Euro Pacific Capital explained that it is first necessary to convert bitcoin to dollars, and only then could something be bought. “The lie is that you can buy stuff with bitcoin,” said Schiff.
A renowned proponent of gold, Schiff said recently that “only fools are choosing bitcoin” over the precious metal.
He has frequently been critical of the cryptocurrency, announcing in January that he couldn’t access his bitcoin holdings after his digital wallet stopped accepting his password. Noting that it was “not that great a tragedy,” the veteran stockbroker said: “I knew owning bitcoin was a bad idea, I just never realized it was this bad!” TLTP