Bitcoin number one critic, Peter Schiff, has accused "Bitcoin-pumpers" of spreading fake news. He also said that Bitcoin (BTC) is essentially a pyramid scheme.

outburst Schiff

This latest outburst of Schiff is the opposite of what he hinted on Tuesday. Schiff then admitted that Bitcoin was a good investment with its impressive return over the past decade. He also noted that investors had earned a lot of money with the digital assets.

His latest statements show that he still believes that Bitcoin cannot replace fiat currencies. He has always held on to his idea that Bitcoin is not money and that everyone who wanted to invest was still waiting for something.

According to the economist, a number of large BTC whales have full control of the Bitcoin market, making it increasingly difficult for newcomers to make significant profits.

Bitcoin pyramid scheme

Remarkably, Schiff calls Bitcoin a pyramid scheme; the cryptocurrency has already stood the test of time. Bitcoin also had a good return last month.

Bitcoin is becoming more and more accepted nowadays, whereby the digital currency is seen as a transaction by millions of people. However, as part of a diversified wallet, Bitcoin is seen as an excellent investment option for investors.

Although the Bitcoin digital currency has generally outperformed other digital assets over time, the currency is still susceptible to volatility due to market sentiment. However, the market remains bullish for the time being.

The currency is expected to increase in value as a result of the long-awaited Bitcoin halving. Bitcoin has also developed a pattern in which many analysts have predicted definitive buy signals. This indicates a possible start of a long-term bullish run for the leading currency.