Bitcoin Isn't Money?

By RocketEnthusiast | Esoteric Selections | 21 Jun 2024

It's a pretty well-known fact in the crypto world that long-time gold advocate Peter Schiff is no fan of Bitcoin and cryptocurrencies. I suppose that it wouldn't be good for business, being chairman of a precious metals dealer. Anyway, the bashing via X posts continues:

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He goes on to say, in reply to someone saying "gold is needed in the GPUs to create Sats," that "Bitcoin needs gold. Gold does not need Bitcoin. Nothing needs Bitcoin."

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What's striking to me is that in a post he made earlier that very same day, he is promoting that his company works with Bitpay and that customers could sell their BTC and use the proceeds to buy gold and silver bullion. It would seem to me that, in this sense, gold actually does need Bitcoin. While Schiff has long denied that Bitcoin is money, here is actually inadvertently acknowledging that Bitcoin is indeed money and can be exchanged for precious metal. 

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I have no problem with Mr. Schiff, or anyone, proclaiming Bitcoin to be worthless. I don't agree with that sentiment, but everyone is entitled to their own opinion. But to make that claim, then advocate the use of Bitpay so that people can use their magic internet money to buy your product just seems a bit hypocritical to me. Bitcoin may be good for the bullion after all. Perhaps gold does need Bitcoin. At least, Schiff Gold certainly does.

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The original Bitcoin faucet is long gone, but there are still ways to collect some free crypto if you invest some of your free time:
  • Sign up here on Publish0x, if you haven't already, to earn free crypto for reading & writing content
  • Join Cointiply and roll the faucet every hour, view PTC ads, take surveys to earn free Bitcoin, Litecoin, Dogecoin, or Dash
  • Downoad the Bitcoin Cash Giveaway to collect some free BCH sats, paid out weekly
  • Check out Yescoiner to easily collect some satoshis; no nonsense -- just solve a captcha. Low payout, slow drip here
  • Final AutoClaim is another facuet-style site that offers payouts in 74 different coins
  • For an entertaining, off-the-wall faucet, check out Crypto Junkie. Great for accumulating SPACE and SHIB
  • For rewards in XNO and BTC, check out TipNano app

Resources

  1. https://x.com/PeterSchiff
  2. https://schiffgold.com/buy/buying-gold-silver-cryptos/
Cryptocurrency Bitcoin (BTC) Blog Business and Finance gold

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RocketEnthusiast
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dot com boomer - writing mostly on crypto, stocks, entertainment, etc.

Esoteric Selections
Esoteric Selections

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