Peter Schiff Says Bitcoin Is Not Real Asset

Gold investor and longtime Bitcoin critic Peter Schiff has renewed his attack on the cryptocurrency.

He claims that Bitcoin should not be compared with traditional assets such as gold.

The bug made these responses in response to a post from crypto analyst Quinten Francois. "Gold is roughly 20 times larger than Bitcoin," Francois wrote. "Global equities are roughly 100 times larger. Global real estate is more than 250 times larger."

Schiff rejected that argument outright. "Bitcoin is not a real asset so its value has no relationship to gold, equities or real estate," Schiff wrote. "Why can't your brain understand that?"

Bitcoin is not an inflation hedge

Schiff has particularly focused on Bitcoin’s reputation as a potential hedge against inflation.

On Aug. 21, he disputed the argument that investors should turn to Bitcoin as protection against rising prices, writing: "I don't think Bitcoin is an inflation hedge."

He acknowledged that some investors view the cryptocurrency that way but dismissed the thesis. “I noted that other people think it is. They are wrong,” Schiff wrote. He argued that investors seeking protection against inflation should instead choose traditional precious metals.

"Those choosing inflation instead of gold or silver are making the wrong choice," he said.