The head of the investment company Euro Pacific Capital, Peter Schiff, continues to criticize bitcoin via Twitter. On his social media page over the weekend, he published a series of posts in which he tried to explain that BTC is a pyramid scheme.
Schiff has repeatedly criticized Bitcoin in the past and predicted that very soon, this cryptocurrency will collapse to zero.
This time, the financier said that BTC is growing only due to the influx of new investors. That is, the cryptocurrency will exist as long as there is interest in it, and only those who attract new buyers of the asset will benefit.
If we consider Bitcoin from this angle, then we can conclude that we are dealing with a classic financial pyramid.
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Schiff tweeted: "The very nature of Bitcoin requires that the owners [of the cryptocurrency] encourage new buyers to enter the market ... As with any pyramid scheme, success is only possible for those who come early, if many others come late."
However, the growing number of bitcoin addresses, both small and large, suggests otherwise. Such activation of investors, on the contrary, testifies to the strengthening of demand for cryptocurrency.
Investments in this asset continue to grow, which means that players believe in the long-term potential of bitcoin and are not motivated by the desire to extract temporary profits.