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Schiff, a gold lawyer, rated Bitcoin as fiat money, according to Fed comments

June 20, 2020

The economist, Financial commentator and gold lawyer Peter Schiff again criticized Bitcoin in a tweet and essentially called it fiat currency – the name of regional currencies such as the US dollar.

“The Fed is right Bitcoin“Ship said in a Tweet from June 20, adding:

“”It classifies it as a trustee, unlike gold, which has real value. You don’t see anything new in Bitcoin, just the way it is exchanged. As confidence in traditional money and crypto-fiat money is lost, savers turn to gold“”

The US Fed classified Bitcoin as a trustee

In a June 18 post, Liberty Street Economics, a blog overseen by the Federal Reserve Bank of New York, He postulated that Bitcoin and other cryptocurrencies are simply cash in a different form, not a “new kind of money,” as the cryptocurrency industry says.

Schiff, a gold lawyer, rated Bitcoin as fiat money, according to Fed commentsSchiff, a gold lawyer, rated Bitcoin as fiat money, according to Fed comments

The article pointed out the difference between the money itself and the way people handle or use it. “The ability to conduct electronic exchanges without a trusted party – a hallmark of Bitcoin – is radically new.”said the post, adding:

“Bitcoin is not a new type of money, it is a new type of exchange mechanism, and this type of exchange mechanism can support a variety of forms of money as well as other types of assets.”

Peter Schiff often prefers gold

After several comments on the subject, Peter Schiff has become known in crypto as someone who prefers gold to crypto every day.

After the attack on Bitcoin as a store of value in the Tweet on February 25, 2020, Schiff said:

“Bitcoin has not existed long enough to prove more than P.T. Barnum right. A fool is born every minute and many of them own Bitcoin.”

In April 2020, the economist also predicted the rise in gold prices and the depreciation of Bitcoin in the coming years. He also called stupid Bitcoin investors in March.