The recent rise in Bitcoin prices (BTC), according to Peter Schiff, is due to speculators who focus on China's economic problems, not the upheavals of China.
Ship: Bitcoin buyers are speculators
On August 5th, Bitcoin's seasoned and critical gold investor said in a TweetCurrent events affecting the Chinese economy have not sparked a new interest in Bitcoin.
"The Chinese do not buy Bitcoin as a safe haven, they are just speculators who bet that the Chinese will buy it as collateral," he writes.
As Cointelegraph reports, the BTC / USD exchange rate has increased in the last 24 hours. Many commentators have seen the decline of the Chinese yuan as a major catalyst.
Ship, on the other hand, only gave speculative traders an additional opportunity to bring down the markets and generate more volatility.
He directly attacked CNBC, claiming that the broadcaster was spending an inordinate amount of time developing Bitcoin at the expense of assets such as gold.
"CNBC is doing its best to get the public to buy bitcoins, and although gold is a much larger market, CNBC is giving much more bitcoin time," he tweeted. .
Peter Schiff owns Bitcoin
Schiff had discussed last week in a dedicated one-hour debate on the pros and cons of gold on Bitcoin. Under the direction of Ran Neuner, a regular contributor to cryptocurrencies, a direct conversation took place with Anthony Pompliano, co-founder of Morgan Creek Digital.
Pompliano had argued that the ship would later regret not having invested in Bitcoin, even though it was 100% sure that Bitcoin had no real value.
Since the beginning of the debate, the BTC / USD has gained about 15%, which traders have criticized for its tweet as a reason to point out the lack of gold value in recent years.
"Yes, because speculators can increase the price of an asset by 30% in a week … is not it?" wrote about the investor and the broker Josh Rager,
The ship itself has at least 0.21 BTC ($ 2,470), which it claims to hold. Pomplian forced about 100 people to send him coins for free to incite Schiff to change his mind.