Bitcoin Just a Shady ‘Ponzi Scheme,’ Rants Goldbug Peter Schiff
Peter Schiff remains ga-ga over gold, and he doesn’t believe bitcoin will replace the yellow metal anytime soon. | Source: Gage Skidmore (i), Shutterstock (ii). Image edited by CCN.
By CCN: Market contrarian and popular gold bug Peter Schiff has once again come out with guns blazing against bitcoin and cryptocurrency.
Peter Schiff: ‘Ponzi Scheme’ Bitcoin Is ‘Fool’s Gold’ with ‘No Value’
“I don’t think bitcoin has anything in common with gold. I mean it tries to pretend to be gold, but I think it’s fool’s gold.”
The stockbroker and financial commentator is well-known for his early warning market calls, particularly prior to the US mortgage crisis. The ensuing carnage of 2008 and 2009 gained him notoriety with more than a few media outlets looking for future price predictions.
In the headbutting debate, he went on to rant that bitcoin has “no intrinsic value,” making it a “Ponzi scheme.”
“It has some of the monetary properties of gold but none of the commodity properties of gold, and you can’t be money unless you’re a commodity first. By definition, money is the most liquid commodity, and bitcoin has no intrinsic value other than the fact that people are willing to buy it because they think they can sell it to somebody else at a higher price. That’s not money, that’s a Ponzi scheme.”
The statement is bold, even by Mr.