Peter Schiff: "Bitcoin is a Total Scam, Not a Safe-Haven Investment"

# Bitcoin is a "Total Scam," Claims Critic Peter Schiff Prominent cryptocurrency skeptic Peter Schiff has once again dismissed Bitcoin (BTC) as a "total scam," asserting that its current price is detached from any tangible value, according to a report by U.Today on October 6. # Surge Driven by Government Liquidity, Not Intrinsic Value Schiff attributed Bitcoin's recent price rally to the U.S. government’s liquidity injections and stimulus programs. He argued that excessive monetary supply has artificially fueled demand for high-risk assets, Bitcoin being one of them. According to Schiff, the recent market dynamics are not indicative of Bitcoin's intrinsic worth but rather a byproduct of government-induced financial distortions. # "Bitcoin is Not a Safe Haven," Says Schiff The veteran economist reiterated his longstanding criticism of Bitcoin, emphasizing that it does not qualify as a safe haven, a currency, or a store of value. Instead, he labeled it a speculative asset driven purely by "faith." Schiff contended that Bitcoin lacks fundamental utility or economic basis, making it a precarious investment reliant solely on sentiment and hype. # Gold vs. Bitcoin: The Ultimate Safe Haven Schiff also drew comparisons between Bitcoin and gold, arguing that the latter is the only asset capable of hedging against inflation and market volatility. He noted that while gold prices saw a modest uptick amid recent declines in U.S. stock futures and the dollar, Bitcoin faltered, further reinforcing his claim that Bitcoin is more akin to a speculative tech stock than "digital gold." # No Future as a Reserve Currency In addition to downplaying Bitcoin’s current value, Schiff dismissed the likelihood of the cryptocurrency becoming a reserve currency or a global financial standard. He emphasized Bitcoin's lack of intrinsic value and any supporting assets, claiming that its market success depends solely on marketing and exaggeration. # Criticism of Government Involvement in Crypto Markets Schiff also expressed disapproval of government interventions in cryptocurrency markets. He argued that public funds should not be utilized to support speculative assets and criticized regulatory bodies for overstepping their roles in endorsing or legitimizing the crypto sector. This latest critique underscores Schiff’s persistent view that Bitcoin presents more risks than rewards, with gold remaining the superior safe-haven asset in his analysis.