Peter Schiff Takes Jab at Bitcoin's Lack of Utility

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Unlike a pet rock, you cannot use Bitcoin as a paper weight or a door stop, according to Peter Schiff

on the X social media network , cryptocurrency critic Peter Schiff lashed out at Bitcoin once again, claiming that the largest cryptocurrency actually has less utility than a pet rock.

"You can use one as a paper weight, a door stop, slingshot ammo, or to decorate the bottom of a fish tank. If you have three of them you can juggle," he said back in 2022. that gold's value comes from the special properties it has as a precious metal. The yellow metal is used in a lot of industries such as defence, electronics, healthcare, and so on. Of course, gold's unique properties also make it ideal for manufacturing jewelry.

However, Schiff has noted that markets"seldom work out the way speculators expect them to." The gold bug has hinted that the price of the top cryptocurrency might experience a dramatic correction soon.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.

 

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