Peter Schiff: People don’t have Bitcoin as a refuge of value

Within the crypt world, one of the most widespread opinions is that Bitcoin is an active reserve of value. However, the behavior of cryptomoney during this pandemic has caused critical voices to be raised against this position. So it’s not surprising that one of the world’s biggest crypto-skeptics, Peter Schiff, is quoted in an interview as saying that people don’t have Bitcoin as a store of value.

The price of gold is trading at record highs

Is Bitcoin an asset of value?
This is certainly one of the longest and most heated debates within the crypto community. For when it seems to have reached a conclusion, new signs and theories always appear that allow it to be reopened. For the umpteenth time, it is being discussed whether Bitcoin can be considered an active refuge of value.

In this sense, the arguments of each part of the discussion are quite clear. On the one hand, there are those who argue that Bitcoin is indeed an asset of value. They establish that there is no direct relationship between the financial market and BTC’s price performance. So, like gold, cryptomoney would serve as a refuge for capital in times of economic, political or social uncertainty.

While those who do not believe that Bitcoin is an active reserve of value, point out how during the last major crises that have affected the financial markets. The price of BTC, far from holding out while other assets collapsed, also plummeted. This, according to these analysts, would show that the crypto asset cannot be considered a refuge for capital.

Will Bitcoin be consolidated as a reserve of value?

Peter Schiff pronounces himself
And now, gold magnate and famous crypto-sceptic Peter Schiff has spoken out on this debate in a „What Bitcoin Did“ podcast interview with Peter McCormack. In which he stated that people who have Bitcoin do not think of cryptology as an active refuge of value.

„I buy gold as a way to store my wealth, as a conservative place to keep liquidity, rather than keeping it in dollars or some other fiat currency. I think that when people are buying Bitcoin, they’re not really looking for that. Schiff said on the podcast.

Thus, Peter Schiff would be consistent with the view he has expressed on other occasions about crypto users. He describes Bitcoin as a speculative product, and those who buy it as people who are only waiting for the price to rise to make a profit.

„People who buy Bitcoin are not looking for stability. They are not looking to maintain their purchasing power. Almost everyone I talk to who is interested in Bitcoin thinks it’s going to go up to 50,000, 100,000, 1,000,000 dollars.

In this way, Peter Schiff participates in the debate about the quality of Bitcoin as a refuge of value. He sides with those who don’t think the BTC qualifies as one. Making these statements our Fact of the Day here at Crypt Trend.