Peter Schiff, a well-known critic of cryptocurrencies, has once again targeted Bitcoin, claiming that it lacks utility compared to even a pet rock. In a recent post on a social media platform, Schiff mocked the largest cryptocurrency, stating that while a pet rock can be used as a paperweight, doorstop, slingshot ammo, or decorative item, Bitcoin has no practical uses. He argues that Bitcoin’s scarcity without any real-world utility renders it meaningless.
Schiff has previously highlighted the value of gold, citing its numerous applications in industries such as defense, electronics, and healthcare, as well as its popularity in jewelry manufacturing. In his view, gold derives its worth from its unique properties, while fiat currencies are backed only by trust.
Concerning Bitcoin, Schiff maintains that it lacks such unique properties and, therefore, holds no real value. He warns Bitcoin bulls in another post, cautioning them against being overly bullish on the cryptocurrency’s price. Schiff believes that market expectations often do not materialize, suggesting that a sharp correction in the price of Bitcoin may be imminent.
Currently, Bitcoin is trading at $70,655, unable to surpass the $71,000 level at the time of writing.