Gold advocate Peter Schiff calls bitcoin a “Ponzi scheme.”

Bitcoin cynic Peter Schiff in a recent tweet called the leading cryptocurrency a Ponzi scheme and predicted that price could touch $1,000 in the coming time.

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.

 

“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.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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