Gold Bug Peter Schiff, who plays the role of an economist, took to his Twitter to share his thoughts on the future of bitcoin and crypto currency, what could happen in the future, or what lies ahead. How do they look? Of course they get that bitcoin fell with financial assets it doesn’t mean those markets will see a change this time around and certainly bitcoin isn’t a commodity to be used as a financial asset it is There is a digital token that is used by us and it is used for profit and they say that it should not matter to us what happens to the collectible financial assets.Economists also know and recognize that the cryptocurrency will not come across as a scarce commodity despite having a supply of 21 million.
In a tweet on Tuesday, according to an economist reply, when you say that bitcoin is the most rare and desirable asset ever, which we all want and which is the first priority and intention of all of us to use in investment. According to them bitcoin is hardly scarce and not desirable in any way because if you want to have your money there are so many ways to do it you don’t have to invest in a single coin. According to him, bitcoin is such a type of digital coin that we use only for investment, that is, the possibility of profit and loss cannot be expressed in it because there are different ways in which we can lose our money and our investment. Because for this it is not necessary that we personally invest in crypto currency and resort to it.
Responding to another tweet that claimed that bitcoin is a risk asset rather than digital gold, Schiff says that bitcoin is more like a fool’s asset and that’s why as long as people are stupid enough to buy bitcoin, it will continue to do so. The price will go up and unfortunately Visa believes that there are too many other buyers who are eager to buy it and raise it for its services to increase the sale of bitcoin and according to them bitcoin is the simplest token and One of the assets. Schiff is the founder and current chairman of SchiffGold, a gold-silver specialist and also a known precious metals dealer, and has long been a Bitcoin denier and regularly uses cryptocurrencies to promote gold. Keep cursing. Even if we look at his tweets a comment was made through him after the collapse of FTX and it was said that ironically the biggest player in crypto with the exchange alluding to the government to save the industry And this is in the process of going against the original promise of bitcoin which was to be a free market alternative to the best government legal currency system. In November he issued a warning that bitcoin has a long way to go and is valued at $10,000 and certainly believes that the US dollar could fall and with it deepen the financial crisis through the US central bank Federal Reserve, which That’s a clear indication that opacity will happen in the industry.
Economist Peter Schiff’s statement indicates that people live in madness to buy bitcoin and crypto and instead of seeing its far-reaching results, they become its assistants, rather it is a completely wrong process and people are forced to invest their money on convenience. Should be done because this investment will not be for loss but for your benefit. Although in the developed economy, he appears in favour of the fact that he definitely does not consider bitcoin and crypto good, but here he has written explaining the merits and demerits of bitcoin that definitely it is a currency or a currency for our convenience. According to the US Federal Reserve, they consider the US Federal Reserve as an important responsible in the declining economy of the national monetary policy, in another process.