‘Bitcoin is fool's gold’ says Peter Schiff on the Keiser Report

10 May, 2019
by Joeri Cant
‘Bitcoin is fool's gold’ says Peter Schiff on the Keiser Report

Peter Schiff, a veteran stock broker and CEO of Euro Pacific Capital, told Max Keiser, on RT's Keiser Report, that according to him Bitcoin has nothing in common with gold.

The CEO of Euro Pacific Capital is convinced that Bitcoin has nothing in common with gold.

'Bitcoin tries to pretend to be gold, but I think it's fool gold', he said.

Schiff added that the most-valuable digital currency may have some of the monetary properties of gold, but none of the commodity properties.

'Bitcoin has no intrinsic value. It is not money, it is a ponzi scheme', the broker said. 'There is no value to store in Bitcoin. When you're storing Bitcoin, you're storing nothing.'

Schiff isn't a huge fan either of the recent #DropGold TV campaign, which was started by New York-based crypto-asset investment firm Grayscale Investments.

'I saw the commercial', he said. 'I thought was kinda ridiculous. It is a farce.'

In July 2018, Chepicap reported on Schiff's views in regard to Bitcoin. At the time Schiff already made it abundantly clear that he believes that BTC doesn’t have any actual value.

'There's lots of things I can do with gold that shows it has value… All you can do with Bitcoin is give it to somebody else. That’s its whole purpose is to give it to somebody else', he said during an interview with Joe Rogan.

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