CZ Swipes at Peter Schiff
As one of the most vocal Bitcoin (BTC) critics, Peter Schiff’s never-ending criticism continues to trigger responses from key players in the industry.
Changpeng “CZ” Zhao, co-founder and CEO of Binance, is the latest to take a swipe at Bitcoin critic Peter Schiff for his comments about the first-born crypto. In particular, CZ called Schiff out because, despite stationing himself as a Bitcoin hater, Schiff talks more about the asset than most people.
CZ’s comments came in response to a recent tweet from Schiff in which he acknowledged that Bitcoin supporters are correct in their opinion about the US Federal Reserve and inflation. In addition to being a Bitcoin critic, Schiff is also not fond of the Fed and the trajectory of the US economy.
“Bitcoin Buyers May Be Wrong About Bitcoin, But They’re Right About The Fed And Inflation,” Schiff noted. He claimed that most investors are unaware of the ongoing financial crisis and the looming currency crisis. Despite this, Schiff positioned Gold as the best hedge against disaster, and mocked BTC holders for choosing BTC instead.
Bitcoin buyers can be wrong #Bitcoinbut they are right about that #Fed and #inflation. Most investors are unaware of the current #Financialcrisis and the far bigger currency and sovereign debt crisis it will eventually become. It’s just too bad #HODLers did not buy #gold.
— Peter Schiff (@PeterSchiff) March 23, 2023
In response to Schiff, CZ noted that the 60-year-old American stockbroker is quite close to the truth, but has not been able to sit back and realize that he is wrong about his opinion on Bitcoin. The Binance CEO further pointed out to Schiff that he talks more about BTC than most people.
You are so close but just missing that last little bit of introspection that *you* could be wrong about bitcoin. You tweet more about #bitcoin than most people. Let it sink in. 😂
— CZ 🔶 Binance (@cz_binance) March 24, 2023
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In his defense, Peter Schiff mentioned that his frequent tweets about Bitcoin stem from the fact that he is forced to repeatedly debunk the “nonsense” propagated by several Bitcoin supporters. According to him, he must “introduce a certain counterbalance.”
It’s because there are so many people tweeting nonsense about Bitcoin that I need to introduce at least a little counterbalance to the discussion.
— Peter Schiff (@PeterSchiff) March 24, 2023
Schiff’s long-running Bitcoin criticism
Despite his persistent warnings about the looming devaluation of the dollar, Peter Schiff remains indifferent to Bitcoin as a hedge against this crisis. Instead, the US financial commentator has urged investors to flock to gold.
Last year, he persistently swiped at MicroStrategy chairman and Bitcoin max Michael Saylor for his BTC stance. Ship claimed last December that this stance would likely drive MicroStrategy out of business. The same month, he took a jab at billionaire Mark Cuban for promoting BTC.
Most recently, in an interview at Brighteon, Peter Schiff admitted that he believes the world will soon shift away from fiat currencies. However, he claimed that this shift would not go into Bitcoin, but into gold.
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