Despite a decade-long track record and growing adoption as a medium of exchange and store of value, Bitcoin is still seen as a pyramid scheme by some.
One such individual that still sees the leading cryptocurrency in that light is Peter Schiff, the chief executive of Euro Pacific Capital and a long-time gold bull. Schiff is also one who predicted the 2008 Great Recession a few years before it happened.
BTC Is A Pyramid Scheme? Peter Schiff Thinks So
In a comment published July 18th, Schiff doubled down on his sentiment that Bitcoin is a pyramid scheme that is predicated on the deposits of others to succeed:
This comes shortly after he stated that he doesn’t think Bitcoin remains in a macro bear market that will eventually lead it towards the $3,000s and even lower.
As reported by NewsBTC previously, Schiff said:
Schiff’s assertion that Bitcoin is currently in a bear market has been confirmed by a trader following the crypto space closely. Per previous reports from NewsBTC, that trader said:
Bitcoin Gaining Adoption From Wall Street
Despite Schiff’s bearish sentiment about the leading cryptocurrency, it is gaining adoption from Wall Street and from Silicon Valley.
Grayscale Investments, a digital asset manager whose clients are mostly institutions, reported last week that it saw a record quarter of investment.
There’s also Fidelity Investments, the $2 trillion asset manager. It reported that per recent survey results, around 80% of all institutions surveyed see at least one value proposition in cryptocurrencies. These value propositions include it being uncorrelated, it being an innovative technology play, or it having long-term upside potential.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Peter Schiff Doubles Down on Sentiment That Bitcoin Is a "Pyramid Scheme"
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