Peter Schiff: Bitcoin is a meaningless asset

The head of Euro Pacific Capital, Peter Schiff, again gave his forecast regarding the development of the first cryptocurrency. A well-known crypto critic believes that bitcoin does not have unique properties and will never compare in performance to gold. In particular, he pointed out the unique property of the precious metal, which will allow the asset to hold the palm in the market for a long time.

“Utility makes gold valuable, and its scarcity helps to maintain the price. At the same time, bitcoin has not fixed any special properties, and the lack of something useless is meaningless, ”wrote the head of Euro Pacific Capital.

He also recalled Warren Buffett’s decision to buy gold to avoid inflation, while recalling the words of some market participants about a possible change in attitudes towards bitcoin, as was the case with gold. “Buffett considered the precious metal only an unproductive asset, while Bitcoin calls it rat poison. He will never invest bitcoin, ”concluded Peter Schiff.