Bitcoin critic Peter Schiff doesn't consider that governments ought to regulate Bitcoin
Bitcoin critic Peter Schiff doesn't believe that governments should regulate Bitcoin
Vocal critic Peter Schiff has gone to Twitter again to beat up Bitcoin. This time around, however, the CEO of Euro Pacific Capital doesn't think governments should regulate the digital asset.
According to Schiff, governments don't have to regulate Bitcoin because it has to fail. The gold bug is so confident that bitcoin holders will "lose a lot of money" in the end. He was quick to add that he has no personal grudge against those who hop on the Bitcoin train or use it as a store of value.
I am not against people buying #Bitcoin or even trying to use it as a "store of value" or a medium of exchange. I also don't think the government should regulate Bitcoin. I just don't think it will work and that the people who do it are going to lose a lot of money at some point.
– Peter Schiff (@PeterSchiff), January 31, 2021
This is not the first time Schiff has criticized Bitcoin or prophesied its fate. In January, he said there was "no point" getting paid in Bitcoin in response to Elon Musk.
Speaking of Elon Musk, the richest man in the world is Pro-Bitcoin. While talking about the Clubhouse audio app today, the CEO of Tesla (NASDAQ 🙂 remarked that "Bitcoin is a good thing" and he was a fan of the digital asset. Musk believes Bitcoin is on its way to being widely adopted by financial institutions. He further announced that he bought the asset eight years ago.
Institutional investors have continued to devour Bitcoin amid Schiff's incessant warnings.
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