• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin BTC
Nexo Logo

Is Bitcoin’s Success Simply the Result of Clever Marketing? This Critic Thinks So

Cole Petersen by Cole Petersen
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Despite the massive volatility that is a defining characteristic of the crypto markets, many proponents of Bitcoin (BTC) have claimed that the technology is posed to be a suitable replacement for safe haven assets like gold, and even for fiat currencies.

Despite this, one critic of Bitcoin is claiming that BTC’s success over the past decade is simply the result of clever marketing, and he believes that the cryptocurrency may not be able to sustain its price in the long-term as early buyers begin cashing out.

Peter Schiff: Bitcoin Success is Result of Marketing Ploy 

Peter Schiff, who is an outspoken critic of cryptocurrencies like Bitcoin, and a huge advocate for Gold, has long professed that Bitcoin is simply a ploy that is based on thin air, and is simply an attempt to provide the world with a worse form of Gold.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Schiff doubled down on this criticism in a recent tweet, offering a somewhat unique sentiment regarding the possibility that Bitcoin’s rise to fame is simply the result of a clever marketing ploy that will ultimately require that early investors dump their holdings on new investors.

“Bitcoin was a major marketing success for big buyers who got in early.  But to really succeed they must dump what they pumped without crashing the price.  Doing so requires creating enough FOMO to sucker institutional investors into coming aboard without HODLers jumping ship,” Shciff noted.

Although Bitcoin’s price is based on the balance of buyer and sellers, it is important to note that this is the same with all assets, and the crypto’s intrinsic value comes from its decentralized nature and its ability to act as both an uncorrelated asset and as a currency.

Will BTC’s Intrinsic Value Increase as Global Economy Destabilizes?

Importantly, the aforementioned benefits of Bitcoin are largely based on a global paradigm shift towards decentralization that has been occurring in recent history, and the destabilization of the global economy due to massive government-owned debts and large inflation rates for fiat currencies.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Pomp, a partner at Morgan Creek Digital, recently spoke about this in a recent tweet, pointing to the ECB’s interest rate cuts as evidence of a gradually destabilizing economy.

“ROCKET FUEL: They’re going to cut rates and print money right as we march towards the Bitcoin halving. Buckle up. This will be wild,” he explained.

ROCKET FUEL: They’re going to cut rates and print money right as we march towards the Bitcoin halving.

Buckle up. This will be wild ? pic.twitter.com/QotDXKTJRj

— Pomp ? (@APompliano) July 25, 2019

As the narrative surrounding Bitcoin being a “Gold 2.0” continues to unfold, it is highly likely that investors will soon discover whether or not BTC will be widely accepted as a digital alternative to the widely utilized safe have asset.

Featured image from Shutterstock.
Tags: bitcoinbtccryptogold
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin

First In History: Bitcoin Mayer Multiple Records Lower Value Than Last Cycle’s Low

1 hour ago
crypto

Crypto Liquidations Settle As Bitcoin Recovers Above $21,000

3 hours ago
Tether USDT Crypto

Doom To Fail: Tether Shorts Pile In As Hedge Funds Seek To Profit From Crypto Winter

3 hours ago
ApeCoin

ApeCoin Climbs 22% After Snoop Dogg-Eminem Bored Ape Video Launch

10 hours ago
ViaBTC Capital | Reasons Behind Solana’s Frequent Downtime: Design Flaws in the Gas Economy

ViaBTC Capital | Reasons Behind Solana’s Frequent Downtime: Design Flaws in the Gas Economy

12 hours ago
Bit.com Plans to Double Workforce as Layoffs Mount in Crypto and Financial Markets

Bit.com Plans to Double Workforce as Layoffs Mount in Crypto and Financial Markets

12 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Have These Coins Cardano (ADA), Solana (SOL), and FIREPIN Token (FRPN) Become The Pillars Of The Crypto Space?

June 27, 2022

Torches Finance, The Top Lending Protocol has Launched on KCC, Genesis NFT Free Mint is Coming Soon

June 27, 2022

DogeSQ Token Presale Will Live on 28th June, 2022. 6:00 AM UTC

June 27, 2022

XT.com Lists Tales of Xtalnia (XTAL) With USDT Trading Pair

June 27, 2022

Find Out How Gnox (GNOX) Is Planning To Take On Fantom (FTM) And Avalanche (AVAX)

June 27, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.