GOLD - Bitcoin's Brief Spikes On Alleged Good News Quickly Reversed Notes Peter Schiff: 'How Many More Times Will The Crypto Lemmings Be Fooled' | Benzinga
Peter Schiff, a prominent gold advocate, has once again expressed his skepticism about Bitcoin (CRYPTO: BTC), suggesting that the leading cryptocurrency holds no real-world utility.
What Happened: On Thursday, Schiff took to Twitter to voice his thoughts on Bitcoin. He dismissed the idea that a spot Bitcoin ETF would fuel its adoption, asserting that it merely enables speculative betting on price movements. He criticized CNBC for downplaying the fact that “gambling doesn’t count as a use case for a currency.”
How many more times will the #crypto lemmings be fooled by a pump-and-dump? Every time #Bitcoin spikes on supposedly good news, all the gains are quickly reversed. Whales pump up the price, then use the hype to dump Bitcoin until the #FOMO buying dries up and prices collapse. — Peter Schiff (@PeterSchiff) August 31, 2023
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