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HomeCrypto NewsMarketBitcoin Critic, Peter Schiff: 'Bitcoin Has Lost Ground To Altcoins' His Son: 'My Dad Enjoys Trolling people on Twitter'

Bitcoin Critic, Peter Schiff: ‘Bitcoin Has Lost Ground To Altcoins’ His Son: ‘My Dad Enjoys Trolling people on Twitter’


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Peter Schiff, the chief economist at Euro Pacific Capital, again criticized Bitcoin on Tuesday, saying that the world’s largest cryptocurrency is losing ground to altcoins.

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Bitcoin dominance, which was once 100%, obviously because it was the first digital currency ever created, is now around 38.2% according to CoinGecko data. The BTC has already seen lower numbers in 2018 with dominance reaching as low as 32%.

Anyway, Bitcoin had a great year in 2021 approaching an all-time high of $70,000 in November.

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Peter Schiff criticizes Bitcoin and compares it with altcoins. Peter Schiff is known for hating Bitcoin and loving Gold, the latter an asset set aside during 2021 due to the popularity of the BTC, making people and companies sell Gold for digital gold.

In his most recent attack, Schiff claims that Bitcoin is losing the advantage of being the first cryptocurrency, given the number of altcoins present in the market today.

He said:

“With over 16,000 alternative cryptos to choose from Bitcoin’s market dominance is now below 40% for the first time since June of 2018. With an unlimited supply of easily created cryptos with virtually identical properties, Bitcoin is losing its first-mover competitive advantage.”

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Bitcoin was the first cryptocurrency to be created. Remained at zero price for a long time, with no trades, no transactions, the birth of Bitcoin is like a flower on a rock. Once BTC got fame, altcoins took advantage of BTC’s reputation and made many developers and holders rich but Bitcoin remains an absolute leader in the market, with its main former competitors being Litecoin (LTC) at 19th in today’s market cap and Bitcoin Cash (BCH) at 25th. In other words, the BTC is more sovereign than ever.

Now looking at other projects closer to market caps, such as Ethereum (ETH) and Binance Coin (BNB), these cryptocurrencies serve entirely different purposes, as Peter Schiff’s son Spencer explains in response to his father.

“Bitcoin doesn’t compete with these coins; it’s in a completely separate category. Many altcoins even admit it.”

In other words, Ethereum, Binance coin, Solana, Cardano, Polkadot are focused on smart contracts, on becoming global supercomputers to run decentralized applications, storing NFTs, for example.

Bitcoin’s purpose is to become digital gold, a payment method, a scarce currency that solves the problems, such as inflation, caused by state-controlled currencies.

Spencer also said:

My dad definitely enjoys trolling people on Twitter (he doesn’t believe that anything he says is stupid though)


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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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