{"id":194991,"date":"2023-10-18T15:39:17","date_gmt":"2023-10-18T15:39:17","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=194991"},"modified":"2023-10-18T15:39:17","modified_gmt":"2023-10-18T15:39:17","slug":"peter-schiff-lambasts-bitcoin-calls-it-a-cult-in-social-media-thread","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/bitcoin\/peter-schiff-lambasts-bitcoin-calls-it-a-cult-in-social-media-thread\/","title":{"rendered":"Peter Schiff Lambasts Bitcoin, Calls it a "Cult" in Social Media Thread"},"content":{"rendered":"

Earlier today, Peter Schiff, the CEO of Euro Pacific Capital, criticized Bitcoin and its supporters in a post on the social media platform X (previously known as Twitter). <\/p>\n

In addition to his role at Euro Pacific Capital, Schiff has various other financial responsibilities. He is involved with Euro Pacific Asset Management, an independent investment advisory firm; Schiff Gold, formerly Euro Pacific Precious Metals, a precious metals vendor; and Euro Pacific Bank, a full-reserve banking institution.<\/p>\n

Schiff is also a financial commentator and author. Known for his bearish outlook on the U.S. economy, Schiff is a vocal critic of the Federal Reserve\u2019s monetary policies and has predicted economic downturns. He is a strong proponent of investing in gold and precious metals as a safeguard against economic instability. Schiff has authored books like \u201cCrash Proof: How to Profit from the Coming Economic Collapse\u201d and frequently appears on financial news programs. <\/p>\n

He has a large following on social media where he shares his economic and financial insights. Notably, Schiff is a controversial figure in the cryptocurrency community due to his skepticism towards Bitcoin and other digital assets. He argues that traditional assets like gold are more reliable long-term investments. His views are both lauded and criticized, making him a prominent figure in financial discussions.<\/p>\n

Going back to today\u2019s post on X, Schiff took issue with comments made by Mike Novogratz, the CEO of Galaxy Digital Holdings, about Bitcoin\u2019s nature and how it is sold. Novogratz had previously spoken with Andrew Ross Sorkin, a co-anchor of CNBC\u2019s \u201cSquawk Box,\u201d stating that Bitcoin is an \u201cinstrument that is sold, not bought.\u201d<\/p>\n

According to Schiff, this statement from Novogratz confirms that Bitcoin lacks inherent utility and is essentially bought because someone else convinces people to purchase it. Schiff went further to compare the behavior around buying and selling Bitcoin to that of a cult, implying that people acquire it only to immediately persuade others to do the same.<\/p>\n

The statement from Schiff prompted a series of responses from various individuals on social media, each bringing their own perspective to the table:<\/p>\n