Benzinga - Noted economist and staunch Bitcoin (CRYPTO: BTC) critic, Peter Schiff, ridiculed opponents’ claims that he secretly owns the King Crypto.
What Happened: The gold proponent trashed the ongoing speculation from certain section of his critics, calling them "drunk on the Kool-Aid."
"I get a kick out of Bitcoin fanatics who accuse me of secretly owning Bitcoin, but refusing to publicly wear the ribbon," Schiff jabbed the pro-Bitcoin crowd.
I get a kick out of #Bitcoin fanatics who accuse me of secretly owning Bitcoin, but refusing to publicly wear the ribbon. They are just so drunk on the Kool-Aid that they can't accept that I legitimately disagree with their perspective. I just don't see the emperor's new clothes.— Peter Schiff (@PeterSchiff) May 11, 2024
Schiff added that he fundamentally differed over the prospect of cryptocurrencies, and his detractors were finding it tough to come to terms with this fact.
Why It Matters: One of the strongest anti-Bitcoin voices on social media, Schiff has stayed persistent in his opposition to the asset class over the years, vehemently advocating for gold over its so-called digital counterpart.
That said, in one of the interviews in March, he wished he bought the the world's largest digital asset back in 2010, given its profit potential.
Schiff stated that even if he had bought Bitcoin, he would have kept it to himself. “I would have bought it just betting on other people being dumb enough to buy it and pay a higher price.”
Earlier this month, the fierce critic noted that Bitcoin was in a bear market and mocked HODLers, a crypto jargon for long-term holders of the coin, saying, "The party is over."
Photo Courtesy: Wikimedia Commons
Price Action: At the time of writing, Bitcoin was trading at $60,807, following a 0.16% decline in the last 24 hours, according to data from Benzinga Pro. It was down 18% from the all-time high set during March.
Gold was seen trading at $2,357 as of 11:40 p.m. EDT, down 0.11% in the last 24 hours. The precious metal has fallen flat since last month's record highs, losing 0.12% in the past 30 days.
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