Peter Schiff, a well-known Bitcoin critic, recently expressed his dissatisfaction that the media is paying more attention to cryptocurrency than gold. He blamed CNBC’s network for promoting Bitcoin, devoting more time to it than the evolution of precious metal prices.
In recent days, the price of Bitcoin has begun to rise, now exceeding $ 12,200. The evolution has generated discussions among economic analysts, who speculate that the evolution of traditional markets is the main impetus.
The US-China economic war, as well as the recent interest rate cuts announced by the Federal Reserve, are just two of the arguments put forward by analysts. But Peter Schiff is of another opinion.
In a tweet on August 5, Schiff claimed that current events in the Chinese economy are unrelated to interest in Bitcoin:
“The Chinese do not buy Bitcoin as an economic haven. Speculators buy, based on the idea that the Chinese will buy it as a refuge! ”.
CNBC is trying its best to dupe its audience into buying Bitcoin. Despite gold being a much larger market, CNBC devotes far more airtime to Bitcoin. The Chinese aren’t buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!
– Peter Schiff (@PeterSchiff) August 5, 2019
Many commentators viewed the fall of the Chinese yuan as a major catalyst for the recent price increase of the BTC.
However, Schiff is of the opinion that those events simply gave speculators another opportunity to make profits and introduce more volatility.
He framed his remarks as an attack on CNBC, which he claimed had spent a disproportionate amount of time analyzing the evolution of Bitcoin, to the detriment of assets such as gold.
“CNBC is trying its best to convince its audience to buy Bitcoin. Despite the fact that gold is a much bigger market, CNBC spends a lot more time on Bitcoin ”,
said Schiff.
Last week, the gold investor appeared on CNBC as part of the program dedicated to cryptocurrencies hosted by Ran Neuner. Schiff participated in a debate with Morgan Digital Bank founder Anthony Pompliano, taking the opportunity to criticize Bitcoin again.
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