Peter Schiff Blasts Bitcoin and US Government in Interview

Share Article
In Brief
  • Bitcoin critic Schiff continues to trash bitcoin in latest interview.

  • Euro Pacific Capital chief economist and global strategist makes grim predictions for the US dollar.

  • Financial regulators focusing attention on cryptocurrency.

  • promo

    Claim a $200 reward with 3 simple steps — only on Bybit!

The Trust Project is an international consortium of news organizations building standards of transparency.

Peter Schiff has many criticisms of the US Government and cryptocurrency in a new interview this week.

Sponsored





Sponsored

With perhaps his most explosive comment, Schiff said he wanted;

“to unchain people from government. I don’t want people to have to pay income taxes. I don’t want people to keep books and records. I don’t want people to have to pay Social Security taxes. I want to free people up to save for their own retirement, not rely on a government Ponzi scheme.” 

Sponsored



Sponsored

Peter Schiff the bitcoin bear

The former stockbroker turned commentator is a well-known critic of bitcoin. In his latest interview for RealVision, Schiff continued to trash the cryptocurrency. The current chief economist and global strategist for Euro Pacific Capital also went on to predict a crash in the U.S. dollar. He blamed the government for the surge in asset prices, calling for less federal intervention in the market.

His son wasn’t spared criticism either as Schiff said he had “been indoctrinated into the bitcoin cult.” This is after he tweeted last month that his son Spencer’s portfolio was now entirely in Bitcoin.

Schiff says he wants to unchain people from the government, release them from tax payments, and free people up so that they can save for their own retirement. However, Schiff doesn’t believe in the positive features of bitcoin.

Transaction fees 

Bitcoin helps to free people from transaction fees as there are no intermediary institutions or government involvement. Therefore the costs of transacting when using Bitcoin are kept very low. This is a major positive of nearly all cryptocurrencies.

Even the transaction fees charged by third parties maintaining crypto wallets are lower than traditional financial institutions. This fact was made apparent last year when one Bitcoin user moved $400 million worth of the cryptocurrency for just $2.50.

Bitcoin regulation

The potential for further regulation in 2021 could bring with it more legitimacy. While Bitcoin’s credibility has grown over the last few years skeptics like Schiff still exist and increased regulation could help to establish the cryptocurrency further.

This as well as the increase of institutional backers into the crypto sector contribute to the growing positives of Bitcoin.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

The opinion of BeInCrypto staff in a single voice.

Follow Author

$200 reward waiting for you — Deposit, Trade, Follow and Claim today!

Discover

Limited offer! Learn to mine and trade crypto today for free

Go