Peter Schiff has spoken out against Bitcoin BTC/USD For some time. The global economist shares his thoughts on the contribution of celebrities and big names to the rising price of major cryptocurrencies in 2022.
What happened: Schiff warns investors that the price of bitcoin will eventually hit $0, which he reiterated in an interview with Bitcoin bull Anthony Pompliano recently.
Fraud and the Fed’s role in increasing the money supply were cited by Schiff as reasons for bitcoin’s price to rise.
“When you have easy money and a kind of casino-like environment, you have more fraud,” Schiff said. Said,
Schiff said that bitcoin has elements of a pyramid scheme, Ponzi scheme, and other illegal activities.
“In my industry, you sell sizzle, not steak. The problem is there’s no steak with bitcoin, it’s all sizzle.”
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Role of celebrities: In the interview, Schiff said that celebrities have contributed to the continued rise in the price of bitcoin.
With millions of followers on Instagram and TikTok, Schiff said influencers, celebrities and athletes were perfect targets for companies to pay to promote their cryptocurrency-related products.
“Kevin O’Leary did the same thing,” Schiff said, referring to FTX.
Schiff said that both O’Leary and Mark Cuban changed their minds about cryptocurrencies after being paid to do so.
Pompliano asked Schiff whether celebrities promote gold more than bitcoin, referencing rappers wearing gold chains or gold teeth, and former Pres. Donald Trump One sleeping toilet and one sleeping room.
“When rappers have their bling, they’re not promoting it as an investment, it’s a way to display their wealth,” replied Schiff.
Schiff told Pompliano that bitcoin was sold as an investment for the wealthy and “hyped far more” than gold.
“No gold company has had a Super Bowl commercial.”
Schiff said that his son asked ChatGPT to name the largest gold bull, and it was Schiff himself who came up with it. Schiff tells Pomplinao that there is no famous associated with the gold.
“Gold is nowhere near the hype of bitcoin.”
When asked about his son investing in bitcoin, Schiff said that Spencer Schiff is 20 years old and he doesn’t know any better than that while kids have a rebellious side.
“The younger generation always thinks they know something their fathers, grandfathers didn’t know.”
Schiff said that many people investing in bitcoin will learn their lesson the hard way.
Read further: Bitcoiner Pomp Shouts Judge on CNBC While Cramer Becomes Collateral Damage
Photo: Courtesy Gage Skidmore on flickr