By Larry Wright
Peter Schiff is a vocal proponent of commodities such as gold. He believes in the traditional methods of investing and sides with investment products that are tangible only. However, in recent times, he has shared his strong distaste towards Bitcoin time and again.
It has become customary for the investor to spare some vitriol over Bitcoin at any chance possible. At present, Bitcoin prices are rapidly increasing on account of the uncertainty associated with traditional banking networks.
However, much like always, Schiff Sr. has come forward to talk smack about Bitcoin. This time he has singled out Bitcoin from other cryptocurrency projects. Speaking on the state of the current financial situation, he claimed that the world is going to move towards digital currencies rather than the fiat standard.
He is currently serving as the CEO of Euro Pacific Capital. He shared his thought during a recent interview.
Schiff Sr. was once again on the case of Bitcoin. He claimed that more sovereign nations in the world are going to switch to the digital currencies standard in the world. However, he retained his negative stance towards Bitcoin on this matter.
He claimed that Bitcoin is going to be left behind with other cryptocurrencies replacing it as digital gold. He told interviewer Mike Adams that more users are seeping into the realm of digital currencies.
He said that the world is going to adopt digital gold in the form of various cryptocurrencies. He also claimed that more users would take to blockchain-based projects to get exposure to the tokenized forms of commodities and different precious metals.
He pointed out that the rapid traction towards the digitized form of commodities is going to happen on account of the constant devaluation of the fiat currencies. He said at one point in the interview that people are moving away from the fiat standard, and they might delve into gold trading once again.
High Inflation Causes Investors to Invest in Crypto
The world at present depends on a type of economic system that warrants some degree of inflation as a sign of progress. Speaking on the matter, Schiff Sr. claimed that the people who think that they are going to skip to Bitcoin from fiat are not correct.
Commenting on the matter of rising inflation, he claimed that USD is under the threat of experiencing the same type of money devaluation as the Argentinian Peso.
In the past, he has stated that increasing traction around Bitcoin is affecting the interest in gold investing. He has also called Bitcoin a pump-and-dump scheme. He claimed that Bitcoin investors do not acknowledge the subsequent fall in prices after every surge. On the other hand, he has also warned the consumers in the country about more severe banking collapses ahead.