The chief executive officer of Euro Pacific Capital and the Chairman of Schiff Gold, Peter Schiff, is a well-known bitcoin naysayer. His strong hostility against the flagship cryptocurrency can be traced as far back as June 21st 2011, just a few years after Bitcoin had been initially released.
On his own radio show, Schiff continuously expressed his views on crypto and bitcoin, saying it had no real value to it.
“Intrinsically, the bitcoin itself has no value. It only has value as a medium of exchange so long as people are willing to accept it.”
Schiff is a well-known bitcoin hater and is known as a gold bug in the crypto space.
“Gold has value all by itself. I don’t have to be able to spend it. I can melt it down. I can make it into jewelry. I can use it in electronics. It has all sorts of properties that make gold intrinsically valuable all by itself.”
In 2015, the CEO predicted that gold would surge up to $5,000 per ounce. Over three years later, the bars are still trading below $1,500.
Many have tried changing Schiff’s views on bitcoin but it doesn’t seem that anyone is going to change his mind. Nine years after he started to bash crypto, there’s almost no chance, his mind could be swayed.
Since 2011, the cryptocurrency had surged in value massively. More than 44,400% to date to be exact.
Schiff took to Twiter last week o post the following despite developments in the space.
“Since June 26th anyone who followed @barrysilbert's advice to go digital by dropping gold and buying GBTC has not only missed a 7% gain in the price of #gold, but suffered a 40% loss on the price of GBTC. Drop GBTC and buy gold before the loss on this trade gets much larger!”
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