Despite this trend, Peter Schiff has answered direct queries from the community as to why he refused to buy the coin amid expectations of growth.
In a subsequent post, he chided Bitcoin’s influence among buyers overall. He said many new people are buying the coin because they want to get rich. However, he highlighted how unsustainable the cycle is, as those who own BTC refuse to sell.
He contrasted this trend with that of gold. He claimed that those buying gold are doing so to stay rich and not to get wealthy like Bitcoin.
His belief also hinges on the role of Bitcoin as a hedge against inflation and for sustained wealth generation.
Following what is now known as the Bitcoin standard, MicroStrategy has entered the Nasdaq 100 Index for the first time since its inception. The firm has gained recognition as the first crypto-focused entity to gain that inclusion, setting the pace for others.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
