Financial Insights That Matter
Odious financial commentator Peter Schiff took a sarcastic jab at Strategy cofounder Michael Saylor after the latter tweeted that one Bitcoin equals one Bitcoin following the recent market crash.
“Correct, and that’s all it equals,” Schiff quipped in response to the maximalist mantra.
Schiff has long argued that the largest cryptocurrency has no intrinsic value.
During the most recent stock market sell-off, Schiff repeatedly pointed out that the leading cryptocurrency cannot act as a store of value due to its correlation with stocks.
“Gold can exist as a store of value, safe haven, and inflation hedge. Bitcoin can exist as the riskiest of the risk assets, that can rise or collapse depending on sentiment, liquidity, risk appetite, greed, and ignorance,” he said earlier this month.
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Moreover, gold proponents also mention that the lustrous metal is used in various industries, including Bitcoin mining. The yellow metal is used for constructing ASIC miners used for producing Bitcoin. Due to being a superb conductor of electricity, it is used for microchips and circuit boards.
“It’s unfortunate that gold is also used to create Bitcoin and process Bitcoin transactions,” Schiff said earlier this month.
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Saylor, the most prominent voice in the Bitcoin community, has yet to debate Schiff. Back in 2021, the latter claimed that the Strategy cofounder had refused an invitation to debate him from a pro-Bitcoin moderator.
Amid the most recent market sell-off, Schiff predicted that Strategy would end up going bankrupt.
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