Gold Advocate, Peter Schiff Says Bitcoin (BTC) Is Like Pyramid Scheme

  • Peter Schiff tweeted that Bitcoin, to have a lively market, requires its owner to encourage and lure new buyers into investing in Bitcoin.
  • Schiff commented that in such cases of pyramid schemes, success could only be achieved for only those investors who get in early if lots of investors come after that.

Recently, Peter Schiff tweeted that Bitcoin, to have a lively market, requires its owner to encourage and lure new buyers into investing in Bitcoin. The old BTC holders must bring in new buyers; otherwise, there will be no way left out for them. Schiff commented that in like pyramid schemes, success in bitcoin also could only be achieved for only those investors who get in early.

The very nature of #Bitcoin requires owners to encourage new buyers to enter the market. Without new buyers coming in, there is no way for existing HODLers to get out. As with any pyramid scheme, success is only possible for those who get in early if lots of others get in late.

— Peter Schiff (@PeterSchiff) July 18, 2020

Shortly after he added a reply to his tweet mentioning that many times Bitcoiners accuse him of preferring Gold over Bitcoin because of its personal bias. Schiff concluded that all the BTC investors have invested in Bitcoin owing to its growth and success. He further added, In that case, BTC investors are just as biased as him.

Bitcoin bugs keep accusing me of preferring #gold because of my personal bias. After all, I own gold and gold mining stocks for myself and my clients. But that argument works both ways. Everyone who owns #Bitcoin has a vested interest in its success, so they’re just as biased.

— Peter Schiff (@PeterSchiff) July 18, 2020

Schiff Has Constantly Criticized Bitcoin 

Peter Schiff is a renowned American stockbroker and is also the Chief Executive Officer and the Chief Global Strategist of the Connecticut based broker-dealer, Euro Pacific Capital Inc. When it comes to cryptocurrencies, Schiff is not a big supporter and just the opposite of a Bitcoin fan. There are many past instances where Schiff has proven his stance of Gold over Bitcoin. The gold bug has many times advised or instead urged his followers to stick to Gold. However, he always kept on criticising the cryptocurrency giant, Bitcoin.

Recent BTC Scam Raises Another Opportunity For Schiff To Criticise BTC

The recent BTC scams over Twitter had compromised several high profiles. Major cryptocurrency Twitter accounts have more or less created an opportunity for him to criticize BTC more widely. Schiff mentioned that recent events of Twitter accounts being hacked because of Bitcoin scams has revealed that being verified on Twitter is not at all advantageous. Moreover, this may serve as a Harbinger that Bitcoin may be hacked. Concluding, he again advised his followers to keep it safe and invest in Gold.

Peter Says It Is Advisable To Buy Gold Before The Stampede Begins

On July 18th Schiff again tweeted that Gold had recorded a weekly close of above $1800 for the first time since 2011. He predicted that this slow and steady rise would soon turn to a global surge. The condition of the US Dollar may force people to buy Gold. Hence it is advisable to purchase Gold before the stampede begins.

 

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