The renowned Bitcoin critic, Peter Schiffhas qualified Bitcoin (CRYPTO: BTC) as a bigger threat to the US than gold.
What happened
On Sunday, in a publication in xSchiff criticized the possible use of public funds to purchase Bitcoin.
While acknowledging that private investments are personal decisions, Schiff argued that Bitcoin purchases by governments divert resources and harm productive sectors. He considers Bitcoin to be a bigger concern for the US than gold.
“The threat is the government wasting taxpayer money buying bitcoin,” Schiff wrote, adding that the government is wasting more capital on bitcoin and Blockchain-related businesses at the expense of productive businesses.
In another tweet, Schiff highlighted that the large US trade deficit and rising tariffs will increase import costs.
He urged policymakers to focus on rebuilding domestic factories, supply chains and workforce skills rather than investing in Bitcoin, which he believes wastes scarce capital.
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Why is it important
Schiff’s remarks come after Bitcoin hit a new all-time high above $100,000 last week, reigniting debates over its long-term viability and economic impact.
Schiff continues to view Bitcoin as speculative and destructive, especially when it comes to public funds.
He recently questioned financial analyst Jim Cramer’s bullish stance on the Cryptocurrency, saying, “These seem like the kind of statements that are typically made at the top of the market!”
In the past, Schiff has repeatedly expressed regret for not buying Bitcoin to bet that “other people were stupid.” However, Schiff also added that even though he doesn’t buy at $1 doesn’t mean he will do so now.
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