Peter Schiff has many criticisms of the US Government and cryptocurrency in a new interview this week.
With perhaps his most explosive comment, Schiff said he wanted;
“to unchain people from government. I don’t want people to have to pay income taxes. I don’t want people to keep books and records. I don’t want people to have to pay Social Security taxes. I want to free people up to save for their own retirement, not rely on a government Ponzi scheme.”
Peter Schiff the bitcoin bear
The former stockbroker turned commentator is a well-known critic of bitcoin. In his latest interview for RealVision, Schiff continued to trash the cryptocurrency. The current chief economist and global strategist for Euro Pacific Capital also went on to predict a crash in the U.S. dollar. He blamed the government for the surge in asset prices, calling for less federal intervention in the market.
His son wasn’t spared criticism either as Schiff said he had “been indoctrinated into the bitcoin cult.” This is after he tweeted last month that his son Spencer’s portfolio was now entirely in Bitcoin.
Schiff says he wants to unchain people from the government, release them from tax payments, and free people up so that they can save for their own retirement. However, Schiff doesn’t believe in the positive features of bitcoin.
Bitcoin helps to free people from transaction fees as there are no intermediary institutions or government involvement. Therefore the costs of transacting when using Bitcoin are kept very low. This is a major positive of nearly all cryptocurrencies.
Even the transaction fees charged by third parties maintaining crypto wallets are lower than traditional financial institutions. This fact was made apparent last year when one Bitcoin user moved $400 million worth of the cryptocurrency for just $2.50.
The potential for further regulation in 2021 could bring with it more legitimacy. While Bitcoin’s credibility has grown over the last few years skeptics like Schiff still exist and increased regulation could help to establish the cryptocurrency further.
This as well as the increase of institutional backers into the crypto sector contribute to the growing positives of Bitcoin.