President of the brokerage company Euro Pacific Capital Peter Schiff, in an interview with American blogger and journalist Tucker Carlson, called Bitcoin a speculative instrument with no real application. According to Schiff, it is much better to invest money in gold. In a conversation with Carlson, Schiff criticized the creation of an American state reserve of Bitcoins, as the economist believes that cryptocurrencies are completely useless. The gold investment advocate called the state crypto reserve a "rescue fund" for Bitcoin at the expense of taxpayers' money. Schiff suggested that some early investors "managed to bribe a bunch of politicians and convince them to support Bitcoin." The economist mentioned the Big Beautiful Bill signed by President Donald Trump, aimed at increasing government spending on defense and reducing taxes by nearly $4 trillion over the next ten years. Schiff called this the worst initiative under Trump, which forces Americans to throw money into cryptocurrencies in hopes of protecting their savings. The economist believes that the law not only preserved the accumulating deficit of government budget spending from the previous White House administration but, on the contrary, worsened the situation by further increasing government expenditures. In response to Tucker's question about how investments in Bitcoin differ from purchasing gold or stocks, Schiff replied that $BTC it is used only for market speculation. The only reason people want to buy Bitcoin is their unwavering belief that the cryptocurrency will increase in value, assured the president of Euro Pacific Capital. In his opinion, investors who made money on Bitcoin were able to do so only because the cryptocurrency they bought a long time ago had significantly appreciated, and not because they created something valuable and improved people's lives. There is a big difference between Bitcoin and gold — BTC will never generate money in the future, while gold is used in jewelry, aerospace, consumer electronics, and medicine, listed Schiff. He suggested switching to tokenized gold, $XAU which could be used for payments and compete with Bitcoin. Earlier, the founder of the world's largest cryptocurrency exchange Binance, Changpeng Zhao, spoke out against Schiff's proposal for tokenized gold, calling such an asset a "digital promise."
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