US economist says Bitcoin is a fake asset

On Apr 3, 2024

Popular Bitcoin hater Peter Schiff once again called Bitcoin a fake asset.

Peter Schiff is a popular Bitcoin critic. He supports Gold & Gold ETF funds. As we know Bitcoin proponents usually compare Bitcoin with Gold and call it Digital Gold but Schiff hates Bitcoin. Over the last 10 years, many people shifted their investment in Bitcoin from Gold in significant amounts and this is the reason why almost every Gold supporter hates Bitcoin.

On 2 April 2024, Peter Schiff took to X (formerly Twitter) to assert that Bitcoin is a fake asset. This Bitcoin critic points attention toward recent interviews covered by CNBC news media, where many financial experts praise Bitcoin as the best asset and others as a bad asset. By examining the CNBC interviews and reports on Bitcoin, Peter stated that Bitcoin’s true nature is determined by public perception.

In short, if a person says Bitcoin is a fake asset then it is fake and if someone says it is a good investment asset then it is good.

In the final words, Peter said that Bitcoin is a fake asset, which is his point of view.

#CNBC can't figure out if #Bitcoin is a risk-on, or risk-off asset. Some guests claim it's both. That Bitcoin means different things to different people. That it's whatever investors want it to be. With Bitcoin, risk is in the eye of the #HODLer. That's crazy; it's a fake asset.
— Peter Schiff (@PeterSchiff) April 2, 2024

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This is not the first time when Peter showed his angriness against Bitcoin. Earlier this month, he alleged that CNBC covered mainly news around Bitcoin, while at the same time, Gold also had a huge hike in trade price.

It has been found many times that people alleged that this economist used Bitcoin-related matters to discuss across the socialist media platforms, just only to get attention.

As we know Bitcoin successfully secured a government level of recognition in the US Jurisdiction, as the American securities regulatory body Securities and Exchange Commission (SEC) green singled 9 Bitcoin spot ETF applications in Jan of this year, so huge numbers of people & institutions started to show interest in this digital asset.

It is worth it to note that some non-US fund managers are in talks with the American fund manager companies to provide investment in Bitcoin via BTC ETF products in those countries where Bitcoin is not legal or not recognised under any law.