Peter Schiff criticizes Bitcoin, calling it a scam, and predicts bankruptcy for the strategy company due to buying Bitcoin.
Peter Schiff, a famous gold economist and investor, heavily criticized Bitcoin and the strategy company, Michael Saylor, in a podcast. He claimed that unlike its supporters’ claims, Bitcoin does not have a performance similar to gold and called it a risky asset and a scam. Schiff also predicted that the strategy company (formerly MicroStrategy) will go bankrupt due to buying Bitcoin. However, Saylor’s company continues to buy Bitcoin. Schiff believes that Bitcoin has no clear purpose and unlike tech company stocks, lacks a narrative for future profitability. This is while Bitcoin’s price has grown by 36% in the past 12 months and has had much higher returns compared to gold since its inception.
