close
close

Peter Schiff Calls Upcoming Bitcoin Documentary a ‘Total Scam,’ Calls King Krypto a ‘Fraud’ While Promoting Gold and Silver as Alternatives

Peter Schiff Calls Upcoming Bitcoin Documentary a ‘Total Scam,’ Calls King Krypto a ‘Fraud’ While Promoting Gold and Silver as Alternatives

Peter Schiff Calls Upcoming Bitcoin Documentary a ‘Total Scam,’ Calls King Krypto a ‘Fraud’ While Promoting Gold and Silver as Alternatives

A renowned economist and fierce Bitcoin (CRYPTO: BTC) critic, Peter Schifflaunched a ruthless attack on the digital currency, even going so far as to call it a “fraud.”

What happened: Schiff’s comment was in response to a post supporting Bitcoin Micro strategy co-founder Michael Saylorwho shared a trailer for an upcoming documentary on the asset titled “God Bless Bitcoin.”

Don’t miss:

The film is about the rapid decline in the purchasing power of the US dollar due to excessive money printing by the Federal Reserve and how Bitcoin is the perfect alternative.

Schiff opposed the idea, saying, “While it is true that the dollar is flawed, Bitcoin is even more flawed.”

He added that if someone is worried about the dollar, they should rather invest in precious metals like gold and silver rather than bitcoin, which is a “scam.”

See also: If You Invested $100 In DOGE When Elon Musk First Tweeted About It In 2019, Here’s How Much You’d Have Today

Why is this important: Schiff’s criticism of Bitcoin and support for gold and silver as ideal safe-haven assets are widely known.

He has been heavily criticized by Bitcoin supporters for setting short time frames as he sought to highlight Bitcoin’s weaknesses and exaggerate the performance of the assets it supports.

Earlier in May, he infamously said, “Bitcoin is dead, long live silver.” This was in response to Bitcoin’s correction at the time.

However, in the long term, King Crypto has outperformed both gold and silver. While Bitcoin is up 90% since exactly one year ago, the yellow metal is up only 21%. Similarly, silver has only seen gains of 28% over the past year.

Reduction:At the time of writing, Bitcoin is trading at $58,810.78, up 3% in the last 24 hours, according to Benzinga Pro data.

Read more:

“THE SECRET WEAPON OF ACTIVE INVESTORS” Step up your stock market game with the best “news and everything else” trading tool: Benzinga Pro – Click Here to Start Your 14-Day Trial Now!

Get Benzinga’s latest stock analysis?

This article Peter Schiff Calls Upcoming Bitcoin Documentary a ‘Total Scam,’ Crypto King a ‘Fraud’ While Promoting Gold, Silver as Alternatives originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.