- Peter Schiff called Bitcoin a “meme coin,” comparing it to popular joke cryptocurrencies and questioning its value.
- Schiff argued that Bitcoin lacks the tangible properties of gold, which he deems “real money.”
- Bitcoin advocates criticized Schiff’s comments, accusing him of using negativity to remain relevant in the crypto debate.
Prominent Bitcoin critic Peter Schiff stirred up controversy by labeling Bitcoin a “meme coin,” sparking debates within the cryptocurrency community. His comments, made in response to a CNBC interview with Anthony Pompliano, compared Bitcoin to popular meme coins, dismissing it as lacking intrinsic value.
Schiff’s Dismissive Take on Bitcoin
Schiff argued that Bitcoin’s similarities to meme coins reveal a “fraudulent nature,” suggesting it has no more substance than other cryptocurrencies often labeled as jokes. He has consistently championed gold as “real money,” dismissing Bitcoin as “fool’s gold” that fails to match the tangible properties that make gold valuable.
Meme Coins’ Growing Influence and Backlash
The rise of meme cryptocurrencies has divided the crypto space, with conservative Bitcoin supporters distancing themselves from the trend. Schiff used this growing phenomenon to reinforce his critique, highlighting what he sees as flaws in Bitcoin’s fundamentals.
Longstanding Critic of Bitcoin
As a vocal detractor since Bitcoin’s early days in 2011, Schiff often faces backlash from Bitcoin advocates who accuse him of leveraging negativity to stay relevant. Despite this, Schiff maintains that his prominence predates Bitcoin, and his arguments continue to fuel heated debates in the financial world.
