Peter Schiff, a critic of Bitcoin, questioned the HODling strategy saying the enthusiasts are just “pretending to be rich” by refusing to sell a mere illusion of wealth.
On November 19th, Chief Economist and global strategist Peter Schiff made another statement questioning the value of Bitcoin.
The only way that millions of people can pretend that nothing is something, then pretend the nothing is worth trillions of dollars, is by refusing to sell it. If #HODLers refuse to sell their #Bitcoin, what have they achieved? Pretending to be rich is not the same as being rich.
— Peter Schiff (@PeterSchiff) November 19, 2024
Schiff mainly criticized HODLing, a famous concept in the crypto community. With the increasing value of Bitcoin, crypto users are refusing to sell their holdings of the asset despite the usual unpredictability of the market.
The chairman of Schiffgold said that although the cryptocurrency does not produce actual value like gold, it has still reached the valuation of trillions of dollars. According to him, Bitcoin has no real value. It is rather an illusion sparked by collective perception turning “nothing into something”.
A user @CallahanAutoCo argued that his critique could be applied to gold as well since “If everyone sold all their gold, how much would gold be worth?”. In reply, Schiff asserted that its impossible for everyone to sell gold since it has practical uses in industries and is an essential good.
Previously, Schiff also referred to Bitcoin as Trump-inspired mania which is rather shortlived and consists of economic weaknesses which would soon undo the positive perception for the top crypto asset.
The rally continues
Meanwhile, as he’s busy being a skeptic, Bitcoin just shot above $93,000 again as all other financial markets tumble as a result of America-Ukraine-Russia geopolitical tensions.
Equities are in a freefall, gold can’t seem to find where to stick on the charts, with its wobbling too fast since Wall Street can’t decide whether they all want to start stacking, or not.
But not Bitcoin. The apex crypto’s unstoppable rally has continued on the back of Trump’s seemingly unwavering dedication to the industry.
Prior to his win, many in the industry were a bit skeptical of whether or not the president would actually follow through with his wild, unrealistic promises.
Though he hasn’t taken the Oval back just yet, going by his choices of cabinet members, and the fact that Republicans have taken over both the House and Senate, it seemed unlikely that he would disappoint us. Not in the near future at least.
The man just bought a crypto company, as we recently reported. And he has launched his own crypto venture, plus token, so he really does seem in it for the long run.
However, Donald Trump is as unpredictable as they come. You never quite know when he’s about to pull the rug out from under you, especially if his crypto ambitions clash with his “America First” agendas. For now though, the market will rain!
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