Peter Schiff questions if Bitcoin HODLers are just pretending to be rich

Peter Schiff, a critic of Bitcoin, questioned the HODling strategy saying the enthusiasts are just “pretending to be rich” by refusing to sell a mere illusion of wealth.

On November 19th, Chief Economist and global strategist Peter Schiff made another statement questioning the value of Bitcoin.

The only way that millions of people can pretend that nothing is something, then pretend the nothing is worth trillions of dollars, is by refusing to sell it. If #HODLers refuse to sell their #Bitcoin, what have they achieved? Pretending to be rich is not the same as being rich.

— Peter Schiff (@PeterSchiff) November 19, 2024

Schiff mainly criticized HODLing, a famous concept in the crypto community. With the increasing value of Bitcoin, crypto users are refusing to sell their holdings of the asset despite the usual unpredictability of the market.

The chairman of Schiffgold said that although the cryptocurrency does not produce actual value like gold, it has still reached the valuation of trillions of dollars. According to him, Bitcoin has no real value. It is rather an illusion sparked by collective perception turning “nothing into something”.

A user @CallahanAutoCo argued that his critique could be applied to gold as well since “If everyone sold all their gold, how much would gold be worth?”.  In reply, Schiff asserted that its impossible for everyone to sell gold since it has practical uses in industries and is an essential good. 

Previously, Schiff also referred to Bitcoin as Trump-inspired mania which is rather shortlived and consists of economic weaknesses which would soon undo the positive perception for the top crypto asset.

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