Economist Peter Schiff Calls Bitcoin An ‘Imaginary Friend’ In Response To Jack Dorsey’s Hyperinflation Tweet

Peter Schiff is an economist, gold advocate, and one of Bitcoin’s biggest critics. He has never liked the digital currency. He believes that real value is derived from an asset’s ability to create commercial demand in markets; and always refers to gold as a perfect example of this. In contrast, he says that Bitcoin is nothing but an asymmetric store of value with no other use except attracting an endless supply of buyers for the limited supply of assets. In short, it is a Ponzi scheme. However, he has been proven wrong over and over again. In his most recent critique of Bitcoin, Schiff said it is not a real asset. This was in response to a tweet by Twitter CEO Jack Dorsey about the possible arrival of hyperinflation in the U.S. soon. Schiff Responds To Dorsey On Saturday, October 23, Jack Dorsey shared his opinion on the current economic situation in the U.S on Twitter. He tweeted about the imminent hyperinflation as a result of the constant money printing in the U.S., and how the rest of the world would suffer from it. Related Reading | Is Hyperinflation Inevitable? Jack Dorsey Says It’ll “Change Everything” In response, Schiff tweeted that people should not look to Bitcoin to save them because it is not a real asset. Instead, they should own real assets like gold. Another Twitter user commented that Bitcoin is, in fact, real. And that it has just surpassed the Swiss Franc in Market cap. At this point, Schiff...