Peter Schiff: Bitcoin is fool’s gold and overhyped

In an interview to Kitco News Peter Schiff, CEO of Euro Pacific clarified that he has no intentions of investing in bitcoin. He also discredited all the news that is circulating about him turning into bitcoin investor. Even though he admitted that he had been gifted bitcoin on occasions, but he claimed that he never purchased any.

Peter Schiff described bitcoin as “overhyped” and suggested bitcoin investors to invest in real gold instead of “fool’s gold.” He believes that most of the crypto-related news out there is fake intended to create fear of missing out among people so that they rush in to buy it. He added bitcoin is essentially a “dump and pump scheme,” and nothing fundamental drives its market.

Schiff also added that future government regulations would only increase the complications of bitcoin. He believes governments are getting ready to crack down on bitcoin and other cryptocurrencies.

Schiff clarified that he supports the free market and does not want the government to ban bitcoin and cryptocurrencies even though many illicit activities are linked with crypto transactions.

Euro Pacific CEO believes that Facebook’s Libra would be a superior cryptocurrency to bitcoin because it would be backed by “something.” There was much news circulating in the crypto world about how Schiff could convert into a bitcoin investor. But in this interview given to Kitco News, he has clarified his intentions about the bitcoin and other cryptocurrencies.

Peter Schiff is known in the crypto world for his ever-changing opinions about bitcoin. The gold investor has debated industry experts like Erik Voorhees about the bitcoin and new technologies.

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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