The Future Coin

Bitcoin

$31,502.87

BTC -4.08%

Ethereum

$1,176.51

ETH -5.81%

XRP

$0.27

XRP -6.69%

Litecoin

$140.01

LTC 3.05%

EOS

$2.60

EOS -1.90%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Bitcoin News

Bitcoin is ‘fool’s gold and anybody buying it is ultimately a fool’: Peter Schiff

by The Future Coin
January 12, 2021
in Bitcoin News
0
Bitcoin is ‘fool’s gold and anybody buying it is ultimately a fool’: Peter Schiff
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Euro Pacific Capital chief economist and strategist Peter Schiff argues there’s a lack of value in cryptocurrency compared to gold.

Euro Pacific Capital chief economist and strategist Peter Schiff suggested cryptocurrency investors are “fools” Monday after bitcoin took a major dip in the market after reaching record-breaking highs against the dollar.

“All bitcoin is is the latest iteration of fool’s gold and anybody buying it is ultimately a fool,” Schiff told FOX Business’ “Making Money with Charles Payne.”

Schiff explained that bitcoin investors who were able to sell after the stock’s recent joyride are merely selling to other buyers who don’t recognize it’s all a “scheme.” However, he added, most people who don’t sell are “under the delusion” that bitcoin will someday turn to cash.

“It’s never going to be money,” he said. “It doesn’t fit the very definition of money. Money needs to be a commodity. It needs to have actual value unto itself, not just the uses and means of exchange.”

BITCOIN BULL ADVISES CAUTION AS CRYPTOCURRENCY REACHES RECORD HIGHS

The economist likened bitcoin to fiat digital currency that’s “backed by nothing” and, moreover, is not legally recognized.

GET FOX BUSINESS ON THE GO BY CLICKING HERE 

“People who are buying it are going to wake up one day and they’re just going to be a bagholder,” he concluded.

The cryptocurrency reached a record value of $40,797 per coin on Thursday, helping fuel the market capitalization for all digital coins to above $1 trillion for the first time. Bitcoin was trading down 5.14% at $33,519 per coin on Monday afternoon after reaching a session low of $30,568.

CLICK HERE TO READ MORE ON FOX BUSINESS

FOX Business’ Jonathan Garber contributed to this report.

Source link

EDITOR’S CHOICE

Why Bitcoin or cryptos won’t work as actual currencies

Bitcoin and Altcoins Take Strong Hit, But Buyers Still Here

HashCash Consultants To Aid Bank With Blockchain

Nippon Express (China) Inks MOU on Logistics Business Partnership with Jointown Pharmaceutical Group Logistics

Ethereum Price Cup and Handle Warns of Potential Drop to $365

Litecoin - Litecoin Tumbles 21% In Selloff By Fintech Zoom | Fintech Zoom

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 31,500.00
ethereum
Ethereum (ETH) $ 1,170.05
tether
Tether (USDT) $ 0.998618
polkadot
Polkadot (DOT) $ 16.36
ripple
XRP (XRP) $ 0.265187
cardano
Cardano (ADA) $ 0.327720
litecoin
Litecoin (LTC) $ 138.83
chainlink
Chainlink (LINK) $ 20.57
bitcoin-cash
Bitcoin Cash (BCH) $ 424.44
binancecoin
Binance Coin (BNB) $ 40.09
stellar
Stellar (XLM) $ 0.264660
usd-coin
USD Coin (USDC) $ 0.999903
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 31,630.00
bitcoin-cash-sv
Bitcoin SV (BSV) $ 174.47
eos
EOS (EOS) $ 2.60
monero
Monero (XMR) $ 131.91
aave
Aave (AAVE) $ 182.42
tezos
Tezos (XTZ) $ 2.84
tron
TRON (TRX) $ 0.027817
vechain
VeChain (VET) $ 0.029590
nem
NEM (XEM) $ 0.211068
havven
Synthetix Network Token (SNX) $ 13.43
theta-token
Theta Network (THETA) $ 1.85
cosmos
Cosmos (ATOM) $ 7.56
uniswap
Uniswap (UNI) $ 8.20
neo
NEO (NEO) $ 23.22
celsius-degree-token
Celsius Network (CEL) $ 4.27
crypto-com-chain
Crypto.com Coin (CRO) $ 0.069833
okb
OKB (OKB) $ 5.75
dai
Dai (DAI) $ 0.998671
leo-token
LEO Token (LEO) $ 1.39
compound-ether
cETH (CETH) $ 23.55
iota
IOTA (MIOTA) $ 0.442708
binance-usd
Binance USD (BUSD) $ 0.998472
maker
Maker (MKR) $ 1,221.90
dogecoin
Dogecoin (DOGE) $ 0.008407
dash
Dash (DASH) $ 100.78
filecoin
Filecoin (FIL) $ 22.07
huobi-token
Huobi Token (HT) $ 5.14
compound-usd-coin
cUSDC (CUSDC) $ 0.021507
yearn-finance
yearn.finance (YFI) $ 30,481.00
zcash
Zcash (ZEC) $ 84.50
avalanche-2
Avalanche (AVAX) $ 11.75
kusama
Kusama (KSM) $ 98.26
cdai
cDAI (CDAI) $ 0.021017
ethereum-classic
Ethereum Classic (ETC) $ 7.15
ftx-token
FTX Token (FTT) $ 9.30
compound-governance-token
Compound (COMP) $ 197.90
solana
Solana (SOL) $ 3.15
sushi
Sushi (SUSHI) $ 6.44