Peter Schiff is at it again with his criticism of Bitcoin and the U.S government. In an interview, Schiff has stated that the government was responsible for the hugely inflated asset prices. He added if things continue in the current direction, the Dollar will collapse at some point.
To stop such an eventuality, Schiff called for the government to intervene in the markets. As for Bitcoin, he now sees it as some sought of cult and says that his son had been indoctrinated into the cult.
Even with these comments, Schiff seems to contradict himself. That’s because, while calling for government interventions in the market, he was also calling for people to be “unchained” from the government. He stated that he does not want people to have to pay income taxes. He also stated that he does not want people to pay Social Security, which he called a government Ponzi scheme.
However, even with all this criticism, Schiff does believe in some of the key features of Bitcoin. He stated that Bitcoin helps reduce transaction costs since no institution acts as an intermediary. An example of Bitcoin’s power on this front was the recent transfer of $400 million in BTC at the cost of $2.50.
That said, the markets don’t seem to care much about the critic’s sentiments. Bitcoin continues to hold steady above $54K. The stock markets are on the rise, too, with the S&P index testing new highs that are unrivaled in its history.