Peter Schiff Blasts Bitcoin and US Government in Interview

Peter Schiff the bitcoin bear

The former stockbroker turned commentator is a well-known critic of bitcoin. In his latest interview for RealVision, Schiff continued to trash the cryptocurrency. The current chief economist and global strategist for Euro Pacific Capital also went on to predict a crash in the U.S. dollar. He blamed the government for the surge in asset prices, calling for less federal intervention in the market.

His son wasn’t spared criticism either as Schiff said he had “been indoctrinated into the bitcoin cult.” This is after he tweeted last month that his son Spencer’s portfolio was now entirely in Bitcoin.

Schiff says he wants to unchain people from the government, release them from tax payments, and free people up so that they can save for their own retirement. However, Schiff doesn’t believe in the positive features of bitcoin.

Transaction fees 

Bitcoin helps to free people from transaction fees as there are no intermediary institutions or government involvement. Therefore the costs of transacting when using Bitcoin are kept very low. This is a major positive of nearly all cryptocurrencies.

Even the transaction fees charged by third parties maintaining crypto wallets are lower than traditional financial institutions. This fact was made apparent last year when one Bitcoin user moved $400 million worth of the cryptocurrency for just $2.50.

Bitcoin regulation

The potential for further regulation in 2021 could bring with it more legitimacy. While Bitcoin’s credibility has grown over the last few years skeptics like Schiff still exist and increased regulation could help to establish the cryptocurrency further.

This as well as the increase of institutional backers into the crypto sector contribute to the growing

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