{"id":182677,"date":"2023-10-18T15:39:23","date_gmt":"2023-10-18T15:39:23","guid":{"rendered":"https:\/\/precoinnews.com\/?p=182677"},"modified":"2023-10-18T15:39:23","modified_gmt":"2023-10-18T15:39:23","slug":"peter-schiff-lambasts-bitcoin-calls-it-a-cult-in-social-media-thread","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/peter-schiff-lambasts-bitcoin-calls-it-a-cult-in-social-media-thread\/","title":{"rendered":"Peter Schiff Lambasts Bitcoin, Calls it a &quot;Cult&quot; in Social Media Thread"},"content":{"rendered":"<p>Earlier today, Peter Schiff, the CEO of Euro Pacific Capital, criticized Bitcoin and its supporters in a post on the social media platform X (previously known as Twitter). <\/p>\n<p>In addition to his role at Euro Pacific Capital, Schiff has various other financial responsibilities. He is involved with Euro Pacific Asset Management, an independent investment advisory firm; Schiff Gold, formerly Euro Pacific Precious Metals, a precious metals vendor; and Euro Pacific Bank, a full-reserve banking institution.<\/p>\n<p>Schiff is also a financial commentator and author. Known for his bearish outlook on the U.S. economy, Schiff is a vocal critic of the Federal Reserve\u2019s monetary policies and has predicted economic downturns. He is a strong proponent of investing in gold and precious metals as a safeguard against economic instability. Schiff has authored books like \u201cCrash Proof: How to Profit from the Coming Economic Collapse\u201d and frequently appears on financial news programs. <\/p>\n<p>He has a large following on social media where he shares his economic and financial insights. Notably, Schiff is a controversial figure in the cryptocurrency community due to his skepticism towards Bitcoin and other digital assets. He argues that traditional assets like gold are more reliable long-term investments. His views are both lauded and criticized, making him a prominent figure in financial discussions.<\/p>\n<p>Going back to today\u2019s post on X, Schiff took issue with comments made by Mike Novogratz, the CEO of Galaxy Digital Holdings, about Bitcoin\u2019s nature and how it is sold. Novogratz had previously spoken with Andrew Ross Sorkin, a co-anchor of CNBC\u2019s \u201cSquawk Box,\u201d stating that Bitcoin is an \u201cinstrument that is sold, not bought.\u201d<\/p>\n<p>According to Schiff, this statement from Novogratz confirms that Bitcoin lacks inherent utility and is essentially bought because someone else convinces people to purchase it. Schiff went further to compare the behavior around buying and selling Bitcoin to that of a cult, implying that people acquire it only to immediately persuade others to do the same.<\/p>\n<p>The statement from Schiff prompted a series of responses from various individuals on social media, each bringing their own perspective to the table:<\/p>\n<ul>\n<li>A user going by the handle \u201cempatik.eth\u201d countered Schiff\u2019s argument by suggesting that gold, too, is not inherently needed and is bought only after someone else promotes it. The user likened the behavior around gold to that of a cult, drawing a parallel with Schiff\u2019s critique of Bitcoin.<\/li>\n<li>In response, Schiff disagreed vehemently, stating that the user\u2019s lack of understanding about gold explains their similar lack of comprehension regarding Bitcoin.<\/li>\n<li>Another user, identified as \u201cDecodeJar,\u201d argued that gold serves no functional purpose in today\u2019s digital age other than for jewelry.<\/li>\n<li>Contrary to this, a user named \u201cDavid Black\u201d emphasized that gold still functions as money, citing Goldbacks as an example of gold\u2019s continued use as currency.<\/li>\n<li>Dan Victor, CFA, weighed in on the debate by defending Bitcoin\u2019s role as digital gold. He stated that Bitcoin serves as a finite resource and posited that its value will increase over time as it becomes an accepted alternative investment class.<\/li>\n<li>Peter Schiff retorted that Bitcoin isn\u2019t a resource at all and highlighted the large number of Satoshis (the smallest unit of a Bitcoin), implying that Bitcoin\u2019s claim to value based on scarcity is baseless.<\/li>\n<\/ul>\n<p>On 2 October 2023, Schiff sounded the alarm about what he perceived as the initial phases of the most significant bond market collapse in U.S. history. <\/p>\n<p>Schiff\u2019s alert was grim, covering multiple economic sectors. He indicated that all organizations\u2014ranging from governments and businesses to property owners and households\u2014that have relied on inexpensive debt for financial stability could face harsh repercussions. Schiff warned that these groups stand on the brink of financial disaster as the bond market implodes.<\/p>\n<p>Moreover, Schiff contended that Federal Reserve intervention could exacerbate the situation. He maintained that if the Federal Reserve attempted to rescue these beleaguered entities, it might unintentionally worsen their plight by triggering inflation. Such inflation would diminish the value of money, complicating these entities\u2019 ability to manage their debt and fulfill other financial commitments.<\/p>\n<p>Source: <a href=\"https:\/\/www.cryptoglobe.com\/latest\/2023\/10\/peter-schiff-criticizes-bitcoin-as-cult-like-sparking-debate-over-its-value-compared-to-gold\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Earlier today, Peter Schiff, the CEO of<\/p>\n","protected":false},"author":3,"featured_media":182676,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Peter Schiff Lambasts Bitcoin, Calls it a &quot;Cult&quot; in Social Media Thread - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/bitcoin\/peter-schiff-lambasts-bitcoin-calls-it-a-cult-in-social-media-thread\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Peter Schiff Lambasts Bitcoin, Calls it a &quot;Cult&quot; 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