Categories: Bitcoin

Gold Bug Peter Schiff reveals the Bitcoin price he will buy

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

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

1 minute ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

1 hour ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

3 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

3 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

4 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

5 hours ago

This website uses cookies.