In a tweet posted on Thursday, famend economist and Bitcoin skeptic Peter Schiff slammed the so-called “Bitcoin HODL gang” for accusing him of not understanding Bitcoin.
Schiff referenced the “HODL” acronym popularized in lots of crypto memes, which stands for “Maintain On for Expensive Life.” The economist took a jab at those that purchased crypto belongings at excessive costs however are sitting on them as a substitute of taking a loss. In response to Schiff, he already understands it higher than most Bitcoin house owners — therefore his refusal to purchase it.
In a recent interview with TD Ameritrade Community, Schiff additionally burdened that Bitcoin holders ought to get out earlier than it is too late.
The goldbug has been constantly crucial of Bitcoin since 2011. He sees Bitcoin as nothing greater than a speculative bubble, akin to many different monetary bubbles of the previous.
He believes that Bitcoin lacks intrinsic worth and true utility. In his view, its solely function is to offer a car for hypothesis and playing on greater costs.
Schiff prefers gold over Bitcoin as a result of he views it as having tangible intrinsic worth and a centuries-long historical past of use as cash. In response to Schiff, gold additionally has a lot broader acceptability when it comes to buying and selling globally than digital currencies of the likes of Bitcoin do.
Moreover, Schiff believes that gold serves as a hedge towards inflation whereas digital currencies (together with Bitcoin) are too risky and unreliable to guard one’s investments in the identical means gold could possibly.