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Peter Schiff Claims He “Gets Bitcoin” But Not Dollar-Pegged Stablecoins, Plans To Launch Gold-Backed Alternative
Prominent gold advocate and Bitcoin critic Peter Schiff has expressed his views on stablecoins, stating that he “gets” Bitcoin but not U.S. dollar-pegged stablecoins. In a recent post, Schiff emphasized the need for a gold-backed stablecoin instead of one tied to a flawed fiat currency like the dollar.
Schiff’s statement comes as the U.S. Senate passed a landmark regulation bill with major bipartisan support, paving the way for further growth in the stablecoin industry. The market size of stablecoins has already surpassed $260 billion, and experts predict it could balloon to an astonishing $3.7 trillion by the end of the decade.
The gold advocate and Bitcoin critic believes that introducing a third-party custodian for a stablecoin would be a mistake if one settles for a token backed by a flawed fiat currency like the dollar when they can own a real store of value, which is his proposed gold-backed alternative.
Schiff suggests that this alternative offers the same liquidity as its dollar-pegged counterpart but with an added advantage of being tied to a genuine store of value. This approach is seen as a more reliable and transparent option for investors.
In response to a user’s suggestion on Reddit platform X, Schiff revealed that he already knows of a gold-backed stablecoin in existence and plans to launch his own version.
The development comes amid the growth of the stablecoin market, with retail giants Amazon and Walmart considering launching their own tokens.
Source: zycrypto.com
