Being one of the most vocal Bitcoin (BTC) critics, Peter Schiff’s neverending criticisms continue to trigger responses from key players in the industry.
Changpeng “CZ” Zhao, co-founder and CEO of Binance, is the latest to take a jab at Bitcoin critic Peter Schiff for his comments on the firstborn crypto. Notably, CZ called Schiff out because, despite stationing himself as a Bitcoin hater, Schiff talks more about the asset than most people.
CZ’s comments came as a response to a recent tweet from Schiff in which he acknowledged that Bitcoin proponents are correct in their opinion of the U.S. Federal Reserve and inflation. In addition to being a Bitcoin critic, Schiff is also not fond of the Fed and the trajectory of the U.S. economy.
“Bitcoin buyers may be wrong about Bitcoin, but they’re right about the Fed and inflation,” Schiff remarked. He asserted that most investors are unaware of the ongoing financial crisis and the looming currency crisis. Notwithstanding, Schiff positioned Gold as the best hedge against the catastrophe, mocking BTC holders for opting for BTC instead.
Bitcoin buyers may be wrong about #Bitcoin, but they're right about the #Fed and #inflation. Most investors are oblivious to the current #FinancialCrisis and the far greater currency and sovereign debt crisis it will ultimately become. It's just too bad #HODLers didn't buy #gold.
— Peter Schiff (@PeterSchiff) March 23, 2023
Responding to Schiff, CZ noted that the 60-year-old American stock broker is quite close to the truth but has failed to sit back and realize that he is wrong about his opinion of Bitcoin. The Binance Chief further pointed out to Schiff that he talks more about BTC than most people.
You are so close, but just lack that last tiny bit of introspection that *you* may be wrong about bitcoin. You tweet more about #bitcoin than most people. Let that sink in. ?
— CZ ? Binance (@cz_binance) March 24, 2023
In his defense, Peter Schiff mentioned that his frequent tweets about Bitcoin stem from the fact that he is compelled to repeatedly debunk the “nonsense” propagated by several Bitcoin proponents. According to him, he needs to “introduce a modicum of counter-balance.”
That's because there are so many people tweeting nonsense about Bitcoin that I need to introduce at least a modicum of counter-balance into the discussion.
— Peter Schiff (@PeterSchiff) March 24, 2023
Schiff’s Long-lasting Bitcoin CriticismÂ
Despite his persistent warnings of the looming devaluation of the dollar, Peter Schiff remains indifferent about Bitcoin as a hedge against this crisis. Instead, the American financial commentator has called on investors to troop to gold.
Last year, he persistently swiped at MicroStrategy chairman and Bitcoin maxi Michael Saylor for his BTC stance. Schiff asserted last December that this stance would likely drive MicroStrategy out of business. The same month, he took a jab at billionaire Mark Cuban for promoting BTC.
Most recently, in an interview on Brighteon, Peter Schiff admitted that he believes the world will soon shift away from fiat currencies. However, he asserted that this shift would not go into Bitcoin but into Gold.
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.
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