Bitcoin nemesis Peter Schiff has ruffled the feathers of some Bitcoin proponents by classifying the main cryptocurrency as a “meme coin.”
In his current social media put up, Schiff mentioned that it was “humorous” watching cryptocurrency fanatic Anthony Pompliano attempting to outline what a meme coin really is throughout his current CNBC interview.
In keeping with Schiff, there isn’t any precise distinction between Bitcoin and a few fashionable meme cryptocurrencies.
“So it is a positive line to stroll when explaining a meme coin with out exposing the identical fraud about Bitcoin,” he mentioned.
The talk comes amid the rising significance of meme cryptocurrencies inside the cryptocurrency ecosystem. Some Bitcoiners, who are inclined to have extra conservative views, have distanced themselves from the current pattern that they imagine could possibly be detrimental to the broader trade.
Schiff has been a vocal Bitcoin critic since 2011 when the unique cryptocurrency was nonetheless comparatively unknown.
The distinguished monetary commentator has repeatedly rejected the concept that Bitcoin might probably compete with gold.
“Gold is actual cash. It additionally says so within the U.S. Structure. However gold’s worth comes from the tangible properties that resulted in it changing into cash. Bitcoin is idiot’s gold,” he mentioned just lately.
He typically faces criticism from the group, with Bitcoin advocates arguing that the gold bug is attempting to stay related by consistently mentioning the cryptocurrency in a unfavorable gentle.
Nevertheless, Schiff just lately said that he was “fashionable” even earlier than the main cryptocurrency was created.
