• Peter Schiff, an investment manager and bitcoin skeptic, said in a recent interview with Anthony Pompliano that bitcoin has no value.
• Schiff believes this due to the lack of physical utility of bitcoins and his view that there are dark economic times ahead.
• He suggests gold as an alternative to fiat currency and cryptos instead, speculating that it will be attractive in the coming economic downturn due to its history as money and use in electronics, exchange, and jewelry.
Peter Schiff’s Bitcoin Skepticism
Peter Schiff is an investment manager who is a long-time skeptic of bitcoin. In a recent interview with Anthony Pompliano, he argued that bitcoin has no value because it lacks any physical utility. He believes this includes the difference between one satoshi or one bitcoin versus all the bitcoins in existence.
Dark Economic Times Ahead
Schiff also suggested that dark economic times lie ahead for many people. He believes people will lose their jobs and have difficulty purchasing food because of inflation – particularly for consumer staples like food – leading them to sell off their bitcoins for necessities.
Legacy Digital Financial System
The legacy digital financial system is controlled by central banks whereas bitcoin is decentralized which sets them apart from each other. The modern monetary system goes back to 1971 when then U.S. president Nixon took the U.S off the post-WWII de-facto gold standard, known as Bretton Woods system.
Schiff thinks gold is a good alternative to both fiat currency and cryptos due to its history as money over most of human history as well as its use in electronics and as a means of exchange or jewelry piece making it attractive in upcoming economic downturns given its rising price since 2000 after Gordon Brown sold large amount of national reserves’ gold from UK at bottom bear market since 1980 peak frenzy period began 1971 .
In conclusion, Peter Schiffs views on Bitcoin not having any value are based on his understanding that there isn’t any physical presence associated with crypto assets such as Bitcoin which makes them nonviable or appealing compared to Gold which has been used historically throughout human civilization making it more stable than Cryptocurrencies such as Bitcoin during tough economic conditions.