Peter Schiff took to Twitter to assure his followers that bitcoin adoption was not imminent and that a gambling use case would not be good enough either.

Schiff scathing of Grayscale success

Success for Bitcoin is absolute anathema to Peter Schiff. He has staked much of his reputation on Bitcoin just being a passing fancy and whenever anything happens to the contrary he heads straight to Twitter to give his anti-bitcoin views.

When CNBC talking heads made the case that the recent victory for Grayscale over the SEC would likely lead to a momentum shift in the bitcoin price, Schiff took to Twitter to give his views on the subject.

Once again the #Bitcoin shills on @CNBC have it wrong. A spot Bitcoin ETF does nothing to increase adoption. All it does is make it easier for some speculators to place directional bets on price. CNBC shills don’t realize that gambling doesn’t count as a use case for a currency.

— Peter Schiff (@PeterSchiff) August 29, 2023

Gambling

Schiff really has the bit between his teeth as he accuses speculators of “gambling” on bitcoin’s price direction. Of course, he is right in some respects here, as there are also others who do not yet understand what bitcoin offers over and above short term price movements.

To gamble on bitcoin moving up or down when good or bad news drops is one thing, but Schiff does not mention the 75% or so of long term holders who haven’t sold anything in the last year, in spite of bitcoin visiting its cycle lows.

Entrenched views

Poor Peter has dug himself into a bit of a hole now with Bitcoin. Known as quite an eminent economist and financial analyst, Schiff has always been 100% against Bitcoin. Initially treating it as a bit of a joke, and more recently becoming more vehement in his dislike of the asset.

Many might wonder how Schiff is still so entrenched in his views when even the likes of multi-trillion asset management Go to Source to See Full Article
Author: Laurie Dunn

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