Charles Hoskinson, founder of Cardano (ADA), refuted Peter Schiff’s negative comments about Bitcoin (BTC) on Twitter.
Interestingly, however, the founder of Cardano has made disparaging comments about Bitcoin in the past, even seeking to convince Elon Musk to trade his BTC for ADA. However, it seems this time took offense to a tweet from Peter Schiff regarding the sharp declines cryptocurrency-related funds are experiencing.
“This is an example of someone who cannot admit being wrong and succumbs to an endless cycle of prejudice that he seeks to confirm. Peter will find and publish any negative bitcoin news over the next twenty years. He will ignore all good news. It’s really sad, and I feel sorry for him.”
Peter Schiff is known to be a fierce critic of Bitcoin, having previously debated with figures who defend the cryptocurrency. However, this time he seems to have provoked the leader of another crypto project.
The businessman is currently one of the most influential names in the world of finance. In addition to being CEO of brokerage firm Euro Pacific Capital, he is an author and commentator on the United States economy.
Peter Schiff does not budge against Bitcoin
Peter Schiff has a long history of bitcoin criticism. Known to be a staunch defender of gold, he has repeatedly compared the two assets, saying that unlike the precious metal, BTC has no real value.
In April 2020, he said investors were going to learn a lesson the hard way by depositing their funds in cryptocurrency:
“Trying to explain the concept of money to a #Bitcoin holder is like banging your head against a wall. They are about to learn a very costly lesson in economics and come to appreciate the old adage ‘as it goes’”.
Interestingly, Bitcoin has seen around 400% appreciation since that old tweet from the analyst. Peter Schiff’s criticisms then drew the attention of Changpeng Zhao (CZ), founder and CEO of Binance, who took the opportunity to mock the entrepreneur.
Another personality to have clashed with the leader of Euro Pacific Capital is Elon Musk, who responded in early 2021 to a tweet by Peter Schiff, him recommending to start investing in cryptocurrencies.
Although he relented several months later and said if he could go back he would have bought BTC, it seems that Peter Schiff still takes every opportunity to criticize the cryptocurrency, especially in its current downtrend.
As of the close of this article, BTC was trading at $42,200 according to data from CoinGecko, down 4% in the last 24 hours. Although it is 38% below its all-time high, analysis indicates that the asset may soon rally.
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