In a recent job On the social network .
“You can use one as a paperweight, as a doorstop, as a slingshot, or to decorate the bottom of an aquarium. If you have three, you can juggle,” he said in 2022.
Rarity without utility?
Earlier, the controversial financial commentator argued that the value of gold comes from the special properties it possesses as a precious metal. The yellow metal is used in many industries such as defense, electronics, healthcare, etc. Of course, gold's unique properties also make it ideal for jewelry making. In fact, the vast majority of gold consumption is actually driven by the jewelry industry. At the same time, Schiff believes that fiat currencies are based solely on faith.
When it comes to Bitcoin, Schiff is convinced that the flagship cryptocurrency has no unique properties. Being rare without having utility is meaningless, according to the gold bug.
A warning for Bitcoin bulls
In a separate article on walk.
However, Schiff noted that markets “rarely perform as speculators expect.” The gold bug has suggested that the price of the leading cryptocurrency could soon see a dramatic correction.
At press time, Bitcoin is changing hands at $70,655 after failing to surpass the $71,000 level.