Peter Schiff, a popular financial expert and gold lover, thinks that the world is on the cusp of a paradigm move far from fiat currencies and towards digital currencies. He does not think that Bitcoin will be the currency of option for this shift.
Schiff, who is understood for his strong criticism of fiat currencies, has actually long preserved that digital currencies are the future of cash. In a current interview, he repeated his position, asserting that a shift from fiat to digital currencies looms.
Nevertheless, Schiff does not think that Bitcoin is the response. He argued that Bitcoin’s volatility renders it inappropriate as a trusted cash. He highlighted the absence of policy and absence of federal government support as significant obstacles to Bitcoin’s mass adoption.
Schiff thinks that the world will ultimately move far from fiat currencies and embrace digital currencies, however he is extremely doubtful that the crypto-king, Bitcoin, will be the currency of option. He argued that the very best digital currency will be one which is backed by a federal government and managed by a reserve bank.
While Schiff is a singing critic of fiat cash, he is likewise negative of Bitcoin and other digital currencies. He thinks that the world is headed towards a digital future, however he does not think that Bitcoin is the response. Rather, he thinks that a digital currency backed by a federal government and managed by a reserve bank is the essential to effective mass adoption.
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