Bitcoin is back above $100,000, but that hasn’t stopped Peter Schiff from throwing shade, again.
The founder of EuroPacific Capital took to social media recently to declare that “Bitcoin is a memecoin.”
Schiff, the world’s biggest Bitcoin-hater?
He’s never been shy about his skepticism towards Bitcoin, and his latest jab came after a CNBC interview where Anthony Pompliano tried to explain what memecoins are.
Schiff quipped that defining a memecoin is tricky because there’s hardly any difference between Bitcoin and these newer tokens. Oh boy, here we go again.
But what exactly are memecoins? Typically, they’re cryptocurrencies inspired by internet memes or trends, think Dogecoin or those recent TRUMP and MELANIA coins that took the crypto community by storm.
Is Bitcoin really a memecoin?
So, is Bitcoin just another memecoin? We pretend we didn’t hear this question, okay?
While Coinbase defines memecoins as those often linked to internet culture, Bitcoin was born out of the financial crisis of 2008 and has its roots in cryptography and peer-to-peer networks, not some viral TikTok trend.
Bankrate describes memecoins as cryptocurrencies inspired by characters or trends for a light-hearted community vibe.
In contrast, Bitcoin stands alone as an original creation, not derived from any character or artwork.
It’s almost like comparing a Porsche 911 to a Volvo truck, because both got wheels, few seats, and works with fossile fuel.
The debate
Schiff’s comments have reignited debates within the crypto community. Many traditionalists worry that the rise of memecoins could tarnish the reputation of more established cryptocurrencies like Bitcoin.
Schiff himself has long touted gold as real money, claiming Bitcoin is merely fool’s gold.
Critics of Schiff argue he’s just trying to stay relevant by bashing Bitcoin at every turn. But he insists he was popular long before Bitcoin came onto the scene.
Next to this, it’s quite clear he didn’t take his time to learn what Bitcoin is and how it works.
