As usual, Peter Schiff said in his speech that bitcoin has no intrinsic value and is only a speculative asset. And he is even happy about the recent spurt in the BTC exchange rate, because it marks the end of the rally of all speculative assets soon:
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“Until recently, all highly speculative assets were rising, with the exception of bitcoin.. But now BTC has joined this feast of life, and most likely, this growth will soon end. Usually speculative asset rallies come to an end after the lowest quality things start to rise, too. And there is nothing more subpar than cryptocurrencies,” the economist wrote on Twitter.
Earlier, Bits.Media published a massive piece explaining the reasons behind the rise of cryptocurrencies in recent weeks.
Interestingly, Peter Schiff himself, despite his bad attitude towards bitcoin, is going to release his own NFT collection based on the network of the first cryptocurrency.