In an argument with Morgan Creek Digital Co-founder Anthony Pompliano, Peter Schiff called bitcoin a Ponzi and is running out of buyers. Pompliano replied that bitcoin is more popular than gold today. Bitcoin is currently trading at $7,200.
Peter Schiff says bitcoin is popular only as a speculative asset.
Morgan Creek Digital co-founder Anthony Pompliano tweeted that fiat money is created by and intended to serve governments, whereas bitcoin is created by and intended to serve the people. Peter Schiff replied to Pompliano’s tweet, saying that fiat functions as money by government decree. He added that gold functioned as money because people chose it as money, and bitcoin has never widely circulated as money.
It's popular as a speculative asset, not as a currency. And its popularity there is no longer growing. Look at google trends. Running out of new buyers to keep the Ponzi going.
— Peter Schiff (@PeterSchiff) December 12, 2019
“Bitcoin is more popular than gold today.”
Schiff called Anthony’s comparison between fiat and bitcoin as irrelevant and premature. Anthony replied to Schiff, saying that bitcoin today is more popular than gold. Peter Schiff is known in the crypto community for criticizing the leading cryptocurrency. He also said that bitcoin’s popularity is going down, and “Ponzi” is running out of new buyers. Currently, bitcoin has a market capitalization of $131 billion and is trading at $7,200. Earlier, Morgan Creek Digital Co-founder had predicted that bitcoin could reach $100,000 by the end of next year.