Goldbug Peter Schiff is known to hate Bitcoin. But in one interview Recently, Peter Schiff and Anthony Pompliano revealed the terms under which he would buy Bitcoin.

Peter Schiff – CEO of Euro Pacific Capital

Peter Schiff’s opinion on inflation

The crypto community is watching Schiff as he shares his views on modern monetary theory (MMT).

The main tenet of the MMT is that governments can and should print as much money as they want because they are not insolvent. In other words, governments can stretch national debt indefinitely.

After everything that has happened in the past 18 months, these are the policies that many governments have followed, especially the US government. However, Schiff warned that continuing down this path would exacerbate the economic imbalances that would lead to the collapse.

Schiff added that history shows that printing money only leads to inflation, which he calls taxation itself.

“We have many examples in history of money being destroyed on the basis of modern monetary theory. The whole idea of ​​being able to print all this money and not get inflation … but printing money is inflationary, so by definition you create inflation. “

But when it comes to protecting yourself from it, Schiff has a very different view than Bitcoin advocates. Schiff is against BTC because it is an unreliable store of wealth and has no intrinsic value.

“Money has to be a commodity. It has to have real value in itself and not just a use and medium of exchange. “

Schiff is waiting for Bitcoin to fall

This is the view that Schiff takes for all cryptocurrencies, not just Bitcoin. But in Schiff’s opinion, there is one exception to this rule – gold-backed cryptocurrencies.

“However, if you have a digital currency that is backed by gold and redeemable for gold, that would be great, I think it would work perfectly.”

When asked about the terms and conditions for buying Bitcoin, Schiff said he wouldn’t want to waste his money at the current price.

“Now that it costs $ 33,000 to $ 34,000, I don’t want to waste $ 34,000 on a bitcoin. I could buy a lot of other things with the money. “

Schiff added that if Bitcoin’s price falls below $ 1, he could rush to buy.

“I mean, I suppose if the price is cheap enough, maybe if it drops below $ 1, then there’s a chance I can buy one.”

Schiff says he doesn’t even care about the $ 1 BTC price. What is the reason? Unlike gold, Bitcoin is simply not a commodity.

Teacher

According to Cryptoslate

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