Peter Schiff Slams Bitcoin as “Fraud,” Touts Gold and Silver

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Renowned economist and fierce Bitcoin critic Peter Schiff has unleashed a scathing critique against the digital currency, branding it a “fraud.” Schiff’s comments came in response to a post by MicroStrategy co-founder Michael Saylor, who shared the trailer of an upcoming documentary titled “God Bless Bitcoin.”

The documentary delves into the declining purchasing power of the U.S. Dollar, attributed to excessive printing by the Federal Reserve, and presents Bitcoin as the ideal alternative. However, Schiff vehemently disagrees. “While it’s true that the dollar is flawed, Bitcoin is even more flawed,” he asserted. Schiff urged those concerned about the dollar to invest in precious metals like gold and silver, rather than Bitcoin, which he denounced as a “fraud.”

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Schiff’s harsh criticism of Bitcoin and his endorsement of gold and silver as safe-haven assets are well-documented. He has frequently drawn ire from the pro-Bitcoin community for highlighting Bitcoin’s weaknesses using selectively short timeframes, while emphasizing the performance of precious metals he favors. In May, Schiff notoriously declared, “Bitcoin Is Dead, Long Live Silver,” during one of Bitcoin’s market corrections.

However, data indicates that Bitcoin has outperformed both gold and silver over a longer timeframe. Over the past year, Bitcoin has surged 90%, while gold has seen a gain of just 21% and silver 28%.

At the time of writing, Bitcoin was trading at $58,810.78, a 3% increase in the last 24 hours, according to Benzinga Pro.