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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
📍 Follow Gate_Square, vote and drop your reason.
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4. Submissions must be original and comply with community guidelines. Plagiarism or re - 🎉 The #CandyDrop Futures Challenge# is live — join now to share a 6 BTC prize pool!
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Peter Schiff: The Trust "The Ticket to Wealth" Drives Bitcoin, Not Its Intrinsic Value
The famous American stockbroker Peter Schiff does not back down from his stance: Bitcoin, he asserts, is not money. As a long-time critic of Bitcoin, Schiff continuously argues that the cryptocurrency lacks the basic qualities necessary to function as a real form of money. In a recent podcast, the famous financial analyst maintained his view on Bitcoin. According to Schiff, Bitcoin has different qualities and is suitable for purposes other than money. Schiff on Bitcoin: A "Collectible Token" Valued by Faith, Not by Intrinsic Properties According to Schiff's definition, Bitcoin is a collectible token with no unique value. The analyst argues that Bitcoin users can deploy this cryptocurrency token for transactions related to buying, selling, and storing Bitcoin. He stated that Bitcoin's value comes from the trust of its users, aside from any intrinsic properties. It is noteworthy that Schiff's view on Bitcoin contrasts with the views of other notable stakeholders in the cryptocurrency space, including Michael Saylor of Strategy, whose predictions about Bitcoin have materialized over the years. For example, Saylor believes that Bitcoin is more valuable than gold, stocks, and real estate, and the growth trajectory of the cryptocurrency in recent years has aligned with those predictions. Schiff Warns That Its Value "Driven By Trust" Has No Future Despite Schiff's criticism, he acknowledged the significant following of Bitcoin and the impact of users' belief systems in supporting its value. According to the analyst, most Bitcoin followers believe it is the ticket to their wealth. Therefore, their belief is to buy cryptocurrency and hold it until its value increases. Bitcoin is trading at $108,899 at the time of writing, down from a recent all-time high of (ATH) of $112,000. Over the years, this pioneering cryptocurrency has grown significantly, despite criticisms from Schiff and others who are skeptical about the sustainable future of this token. However, this achievement does not prevent this financial analyst from maintaining his skeptical stance. Schiff is convinced that Bitcoin does not have a long-term future as a currency, and those who believe in the sustainability of cryptocurrency will ultimately be disappointed.