‘Bye bye Bitcoin Reserve’ – Peter Schiff mocks BTC’s ‘digital gold’ status – Crypto News – Crypto News
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'Bye bye Bitcoin Reserve' - Peter Schiff mocks BTC's 'digital gold' status 'Bye bye Bitcoin Reserve' - Peter Schiff mocks BTC's 'digital gold' status

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‘Bye bye Bitcoin Reserve’ – Peter Schiff mocks BTC’s ‘digital gold’ status – Crypto News

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9 months ago

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  • Peter Schiff questions Bitcoin’s status as “digital gold” amid inflation concerns and price volatility.
  • The crypto community debates Schiff’s stance, with some calling him outdated.

Renowned economist and Bitcoin [BTC] critic Peter Schiff has once again taken aim at the leading cryptocurrency, questioning its status as “digital gold.”

Peter Schiff once again takes a jab at Bitcoin

In his latest remarks, Schiff suggested that BTC’s role as a hedge against inflation is weakening, particularly as concerns over stagflation grow.

He pointed out that Bitcoin’s growth appears to be slowing despite rising inflation, challenging the widespread belief in its long-term viability as a store of value.

Additionally, he cast doubt on the effectiveness of Strategic Bitcoin Reserve plans, implying that they may not yield the intended results.

Schiff added, 

“Tariff uncertainty is adding to the pressure on financial markets. Gold hits record highs as Bitcoin crashes. Bye bye Strategic Bitcoin Reserve.” 

Community slams Schiff remarks

Criticising Schiff’s remarks, an on-chain analyst Erik Huisman said, 

“People like Trump, Larry Fink and other intelligent people are all playing 4D chess while you just look at the daily price chart. Grow up Peter. Clearly people with a bit of sense in their brain see something that you miss. So who is wrong or right? I think the leaders of larger companies than a failed bank in some forgotten South American company will know best.”

Echoing similar sentiments was Dan Held, who mocked Schiff with his post featuring an image that said, 

Source: Dan Held/X

Additionally, defying Schiff’s claims, another X user- Juraj Bednar noted, 

“I can barely notice a dip. Mostly goes up in gold terms.” 

Juraj Bednar on BTC

Source: Juraj Bednar/X

This highlights how Schiff’s negative comment on Bitcoin is never well-appreciated by the crypto community. In fact, his remarks also look shocking considering the unexpected move that he had made just recently. 

For those unaware, on his 62nd birthday, Schiff surprised many by expressing interest in holding BTC in a hardware wallet.

Current market condition

That being said, Schiff’s latest remarks come at a time when BTC is experiencing significant price fluctuations.

After briefly touching $88,000, the leading cryptocurrency saw a sharp correction, dropping to $83,000 before recovering slightly to $83,148.79, marking a 0.28% gain in the past 24 hours.

Therefore, Schiff’s remarks, combined with the volatile market conditions, have sparked speculation about whether his views on Bitcoin are softening or if this move is merely symbolic.

Next: Is Bitcoin’s market correction coming? As THIS group sells at a loss…

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