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Gold advocate Peter Schiff doubled down on his Bitcoin (CRYPTO: BTC) skepticism, arguing that the leading cryptocurrency lacks intrinsic value and is destined to fail.
What Happened: In a recent Bankless podcast, Schiff, a longtime gold bull, contended that Bitcoin’s ease of transfer actually undermines its value proposition. "The reason that it’s so easy to send Bitcoin is because you’re sending nothing," he stated.
The financial commentator drew a stark contrast between gold’s physical properties and Bitcoin’s digital nature. "Gold needs to be physical because the properties of gold are physical," Schiff noted. "I can’t make jewelry without physical gold, I can’t conduct electricity without physical gold."
While acknowledging blockchain technology’s potential to improve gold transfers, Schiff dismissed the notion of Bitcoin as "digital gold." He likened it instead to "a digital image of a hamburger," arguing neither has real-world utility.
Addressing concerns about gold’s appeal to younger generations, Schiff was unfazed. “All these 20-somethings that are into Bitcoin, when they’re in their 40s they’ll be in gold,” he predicted, arguing that wisdom comes with age.
Why It Matters: Schiff predicted Bitcoin’s eventual collapse once new buyers dry up. "There’s going to be a point where you don’t have enough money coming in to enable the money to go out," he warned.
Despite his crypto pessimism, Schiff expressed bullishness on gold mining stocks as a high-risk, high-reward play on rising gold prices. He suggested Bitcoin investors redirect their funds to this sector for better moonshot potential.
While unlikely to sway many crypto enthusiasts, Schiff’s unwavering gold advocacy offers a contrarian perspective in an increasingly digital financial landscape.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Posted In: $BTC
