In a recent podcast with Liz Claman, the host of FOX Business Network’s The Claman Countdown, Euro Pacific Capital CEO and Bitcoin-hater Peter Schiff made remarkable statements.
Schiff said that XRP, the fifth largest cryptocurrency associated with Ripple, is actually a security as claimed by the US Securities and Exchange Commission:
“I think it is very clear that Ripple is a security because all Ripple tokens are issued by Ripple Labs Inc and then Ripple Labs step in and do things to create value for these tokens.”
Schiff was not satisfied with that either and claimed, without any evidence, that the SEC would go after Bitcoin:
“They’re not saying it’s unlike Bitcoin. They say it’s a security. They are supposed to be registered and they sell unregistered securities. Now, I believe the SEC will eventually make the same claims against Bitcoin… It’s not really a commodity. ”
However, it is worth noting that the SEC has already clarified that Bitcoin is not a security. Besides all this, Schiff claimed that Bitcoin didn’t change the lives of its owners because it was used for nothing:
“Eventually, the bubble will burst and the price will go down. When Charlie Munger calls him rat poison, it will be lower than when he fell. ”
He said the whole idea behind Bitcoin is to digitally copy gold. The gold supporter also made a ridiculous claim that miners could expand the total Bitcoin supply beyond the 21 million mark:
“Who knows? Miners may increase this in the future, but just having limited supply is not enough. You have to have limited supply and be valuable. ”
Square has finally stepped into Bitcoin with MicroStrategy and PayPal, with many convinced that the cryptocurrency will remain here. On the other hand, Schiff argued that all these companies turned to cryptocurrency just to make quick money. As you can see, Schiff, who is known as a crypto critic, continues to criticize despite all the developments in the sector.