After saying that he had been warning people about the aftermath of the pandemic’s (and Trump’s QE) harmful impact on the economy and the US population, Peter Schiff replied to a comment from a follower who suggested Bitcoin as a way out.
The Euro Pacific CEO stated that in reality, you can buy nothing with Bitcoin or any other crypto.
‘Pay with crypto is a marketing gimmick’
The main reason Schiff cites for his predictions coming true in the near future is the current unemployment rate totaling 14.7 percent. That equals a loss of 34 million jobs, which is much more than in the Great Depression in 1929-1930, as per the aforementioned article.
The Fed Reserve and Donald Trump have injected over $6 trl into the economy via a quantitative easing program, which included one-time $1,200 checks to qualifying US citizens.
Later on, the Fed Reserve announced its intention to start buying ETFs to ensure that companies’ stocks have high enough demand.
A Twitter user in the comment thread suggested that buying BTC would be a way out and a chance to avoid using cash, which may soon lose a great deal of its value.
To that, Peter Schiff responded that in reality, you have to first convert Bitcoin into fiat USD, and only then can you purchase anything. So, he insists, the narrative that you can pay for real things with BTC is a lie...
- Source, U.Today
