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In a recent post on the X social media network (formerly Twitter), cryptocurrency critic Peter Schiff lashed out at Bitcoin once again, claiming that the largest cryptocurrency actually has less utility than a pet rock.
“You can use one as a paper weight, a door stop, slingshot ammo, or to decorate the bottom of a fish tank. If you have three of them you can juggle,” he said back in 2022.
Scarcity without utility?
Earlier, the controversial financial commentator argued that gold’s value comes from the special properties it has as a precious metal. The yellow metal is used in a lot of industries such as defence, electronics, healthcare, and so on. Of course, gold’s unique properties also make it ideal for manufacturing jewelry. In fact, the vast majority of gold consumption is actually driven by the jewelry industry. At the same time, Schiff believes that fiat currencies are backed by nothing but faith.
When it comes to Bitcoin, Schiff is convinced that the flagship cryptocurrency has no unique properties. Being scarce without having utility is meaningless, according to the gold bug.
A warning for Bitcoin bulls
In a separate post on X, Schiff has also cautioned cryptocurrency market participants that too many people are currently bullish on Bitcoin since they are seemingly convinced that the price of Bitcoin will experience a substantial increase during this market cycle.
However, Schiff has noted that markets “seldom work out the way speculators expect them to.” The gold bug has hinted that the price of the top cryptocurrency might experience a dramatic correction soon.
At press time, Bitcoin is changing hands at $70,655 after failing to surpass the $71,000 level.
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