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Peter Schiff, a well-known Bitcoin critic, has surprisingly agreed with Michael Saylor’s stance on the cryptocurrency market. Saylor, the CEO of MicroStrategy, has been a long-time advocate for Bitcoin and has even gone as far as saying that it is not an option but a requirement for any business looking to secure its financial future.
Schiff, who has consistently expressed his skepticism about the potential of Bitcoin, revealed on Wednesday that he agrees with Saylor’s assessment. In an interview with U.Today, Schiff said that while he still believes that Bitcoin has no intrinsic value and is unlikely to be adopted as a widely accepted means of payment, he does think that it can serve as a hedge against inflation.
“I may not agree with Michael on the merits of Bitcoin as a currency or store of value, but I do believe that it can play a role in diversifying one’s portfolio,” Schiff said. “I think it’s a shame that gold is used to create ASIC miners and circuit boards for the Bitcoin industry when there are other materials available that could be used instead.”
Schiff also took a shot at the environmental impact of mining Bitcoin, stating that the energy consumption required to maintain the network is unsustainable in the long run.
While Schiff’s agreement with Saylor may come as a surprise to some, it does highlight the growing divide within the crypto community regarding the value and potential of Bitcoin.
Source: https://u.today/schiff-agrees-with-saylors-bitcoin-take
