Peter Schiff: Bitcoin a ‘Fraud,’ Strategy Will Probably Go ‘Bankrupt’

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Is Bitcoin the New Digital Gold or Just Fool’s Gold? 🤔💰

In the grand theater of financial absurdities, where the actors wear masks of confidence and the audience is left in a state of bewilderment, we find Peter Schiff, a man of considerable wealth and even more considerable opinions. With assets exceeding a billion dollars, he has taken a mighty swing at the digital currency known as Bitcoin, likening it to a mirage in the desert of investment opportunities.

Schiff, with the bravado of a seasoned critic, declared that Michael Saylor’s once-esteemed finance company, now a Bitcoin-obsessed entity, is destined for the graveyard of bankruptcies. Yet, one must wonder if this is merely a clever ruse, a reverse psychology ploy that has Saylor racing like a headless chicken, gobbling up Bitcoin in quantities that would make even the most gluttonous whale blush.

Peter Schiff’s No-Holds-Barred Rant on Bitcoin

As the curtain rises on this financial farce, Schiff boldly proclaims that Bitcoin was marketed as the digital equivalent of gold. However, he argues, it has failed to live up to this lofty comparison, rendering the entire marketing campaign a “fraud.”

“The notion that it’s digital gold has been obliterated, for it dances to a tune entirely different from that of gold. It is merely a risk asset, a high-stakes gamble in a casino of financial folly.”

Yet, one must pause to consider: did the promoters of Bitcoin ever claim it would yield returns akin to those of gold? They merely suggested it shared certain economic properties, such as scarcity and the arduous task of securing it. While Bitcoin’s recent performance may not mirror that of gold, it has, over relevant timescales, outshone the yellow metal in a dazzling display of returns.

The Great Bitcoin vs. Gold Showdown: 2009-2023

INSIGHT: Gold may be a sturdy steed, but Bitcoin is the racehorse galloping ahead.

Gold has recently reached a new all-time high of $3,310, while Bitcoin is in a state of consolidation. However, when we take a step back, the meteoric rise of Bitcoin eclipses that of gold, leaving it in the dust.

What’s your prediction?

— Coin Bureau (@coinbureau) April 16, 2025

Ah, the irony of fraud! Imagine explaining this to a judge:

“Your Honor, we misled the litigant by claiming our product would yield a modest 230% ROI over 16 years, when in fact it delivered a staggering 2.82 billion percent since 2010!”

On the X podcast, Schiff posed a question that echoes through the halls of financial discourse:

“What purpose does Bitcoin serve? We have an abundance of risk assets already. It’s just a super risk asset that promises to rise faster than its peers. But based on what evidence?”

He continued, “At least with a tech stock, there’s a narrative of potential future earnings. You’re investing in a business that might actually generate profit.”

Bitcoin, however, offers a banking service—a traditionally lucrative venture, as it is a necessity in our daily lives. It does so with a simplicity and utility that is both refreshing and reliable, functioning transparently and efficiently for all who dare to engage.

As of mid-April, Bitcoin’s price had surged by 36% over the preceding year, a testament to its resilience in the face of skepticism.

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2025-04-19 09:15