Bitcoin critic, Peter Schiff has bemoaned the growing number of digital currencies that are permeating the space. Taking to his tweeter handle, the Chairman of the Euro Pacific Bank, noted that there are only 180 fiat currencies in the world but that the digital currency ecosystem already has more than 9,100 various cryptocurrencies, with clear indications that these number will grow.
Per his words;
“There’s only 180 fiat currencies in the world. There’s already 9,125 cryptocurrencies in the world, with 95 having market caps that exceed $1 billion. How is this scarce? The potential supply of digital fiat tokens is unlimited. Crypto inflation far exceeds sovereign inflation.”
Peter Schiff, a renowned Gold bull used the opportunity to shill Gold in response to Anthony Pompliano, saying Gold is scarce;
“and there will never be any more. Of the limited supply of metals, gold is the most useful and one of the most rare, therefore it’s extremely valuable. There is no limit to the number of #cryptocurrencies and there’s not much difference between #Bitcoin and any other.”
Unbridled Rollout of Digital Assets
The need to herald revolutionary products that upturn the existing provisions of what traditional finance and businesses in general offer through blockchain technology is fueling the excessive rollout of new digital tokens.
Peter Schiff may be right in a way, as the primary underlying use case for these digital tokens is in facilitating transactions, making them not different from Bitcoin according to him. However, Bitcoin’s technology is fundamental to the growth of the entire ecosystem and its current recognition and finite supply make it absolutely a game-changing innovation in today’s digital payments ecosystem.
Per Schiff’s insinuations, the continuous rollout of digital currencies may continue to erode the utilities that these emerging asset classes always boast of. As expected, the hoard of Bitcoin bulls on Twitter turned the tide against the renowned economist and global strategist.
