Peter Schiff Slams Bitcoin as “Total Scam” Amid Documentary Buzz

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Renowned economist and fierce Bitcoin critic Peter Schiff has launched a no-holds-barred attack against the digital currency, categorically labeling it a “total scam” and a “fraud.” This remark came in response to a Bitcoin-supportive post by MicroStrategy co-founder Michael Saylor, who shared the trailer of an upcoming documentary on the asset titled “God Bless Bitcoin.”

The documentary’s theme centers on the rapidly declining purchasing power of the U.S. dollar due to excessive printing by the Federal Reserve, positing Bitcoin as the ideal alternative. Schiff vehemently disagreed, stating, “While it’s true that the dollar is flawed, Bitcoin is even more flawed.” He advocated for investing in precious metals like gold and silver as a safer alternative to what he considers the “fraudulent” Bitcoin.

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Schiff’s criticism extends beyond this latest documentary. He has consistently portrayed Bitcoin as unreliable and overly volatile, in contrast to more traditional safe-haven assets such as gold and silver. His remarks have often been met with harsh backlash from the pro-Bitcoin community, who accuse him of cherry-picking short timeframes to highlight Bitcoin’s weaknesses and exaggerate the performance of assets he favors.

In May of this year, Schiff made headlines by declaring, “Bitcoin is dead, long live silver,” following a significant correction in Bitcoin’s value. Despite his ongoing critiques, long-term data reveals that Bitcoin has significantly outperformed both gold and silver. Over the past year, Bitcoin surged by 90%, while gold and silver gained only 21% and 28%, respectively.

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

Peter Schiff’s outspoken views are a stark reminder of the polarized opinions surrounding Bitcoin. As the debate continues, both supporters and critics remain steadfast in their beliefs about the future of digital currencies versus traditional assets.

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Santiago Contreras has a degree in economic journalism from the Universidad de los Andes in Venezuela. He also has a master's degree in communication in organizations from the Complutense University of Madrid. In his extensive professional experience, he has practiced journalism for more than 25 years in audiovisual and print media, as a journalist, editor and editor-in-chief. He was a professor of journalism, advertising and marketing at the Universidad de los Andes. Currently, he combines his journalistic practice with his work as a professional writer and communication consultant.