Bitcoin number one critic Peter Schiff has blasted “Bitcoin pumpers” for spreading fake news. He also alluded that despite his recent comment on Bitcoin as an asset, the token BTC is essentially a pyramid scheme.
The fake news spread by #Bitcoin pumpers is 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
This latest outburst by Schiff is the total opposite of what he hinted in his widely spread message on Tuesday. Schiff had conceded that Bitcoin represented a good investment with its impressive return in the past decade. He had also remarked that Bitcoiners had made a lot of money with the digital assets.
However, his latest statements represent his long found opinion that Bitcoin cannot replace fiat currencies. He has always been steadfast in his briefs that Bitcoin is not money and anyone looking to invest were in for a shocker.
The economist believes that the top Whales have complete control of the Bitcoin market making it difficult for newcomers to make good gains.
Is Schiff right that Bitcoin is a pyramid scheme
Schiff calling Bitcoin a pyramid scheme is extreme as the leading cryptocurrency has passed the test of time. Bitcoin has seen a good yield this month. This is impressive considering the asset was once priced within the $3500 mark after the extended crypto bearish carnage.
Bitcoin has increased in adoption with millions of people accepting the coin as a means of transaction. As part of a diversified portfolio, Bitcoin represents an excellent investment option for investors.
Although it could be prone to volatility due to market sentiments. Bitcoin has generally fared better than other digital assets over the course of time. January saw the coin increase in value despite fears from economists and the market is bullish.
The impending Bitcoin Halving is also highly anticipated as an event that could increase the value of the coin. Bitcoin has also developed a pattern that has seen many analysts predict definite buy signals. This indicates a potential start to a long term bullish run for the leading coin.