Famous gold backer Peter Schiff continues to "point the nose" at Bitcoin (BTC), this time calling the king coin a "pyramid model".
Peter Schiff - CEO of Euro Pacific Capital, has just posted a tweet which claims Bitcoin is a "pyramid model". In that way, he wants to prove that BTC should not be in everyone's portfolio.
The fake news spread by #Bitcoin Pumpers are amazing. I acknowledged the past rise in the price of Bitcoin merely to point out that those gains did not prove my earlier comments about Bitcoin's flaws as money invalid. A pyramid scheme has no place in an investment portfolio.
- Peter Schiff (@PeterSchiff) February 19, 2020
“The fake news spread by #Bitcoin pumpers is amazing. I acknowledge the growth of Bitcoin in the past only to point out that those benefits do not prove my previous comment on Bitcoin's flaws as worthless money. A pyramid scheme should not be included in the portfolio. ”
Schiff came back again
After soon calling the orange coin "the worst operating asset of the decade" and humiliating himself when he lost access to his own Bitcoin wallet, Schiff was quite silent on the subject.
Recently, he once again appeared on Twitter to comment on cryptocurrencies with Max Keiser - the owner of the RT media channel and a true Bitcoin bull, who turned leading U.S. conspiracy theorist Alex Jones into Bitcoin fan.
The governor even went so far as to "acknowledge" Bitcoin's past profits could actually turn 100 grams of gold into 8 tons.
Not only me Schiff
Now, Schiff continues to reiterate his view that Bitcoin is not money and that everyone who intends to invest in BTC is a late awakening. He believes that large whales have complete control over the cryptocurrency market.
Schiff stated that treating Bitcoin as a pyramid scheme seems negative, but he is not the only prominent analyst calling BTC so.
Back in January, LendingTree's Tendayi Kapfidze explained that Bitcoin investors can only make money based on the participants after them.
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According to U.Today