Peter Schiff, a chief economist, global strategist and the CEO of Euro Pacific Capital, has come under fire for saying ''Bitcoin has no intrinsic value'' before accepting billionaire crypto magnate Mike Novogratz's challenge to debate him about the topic that cryptocurrencies produce no consumer goods and doesn't uplift the economy in anyway but only runs on speculation as its steam.
Mike Novogratz had appeared on CNBC speaking highly about Bitcoin and other cryptos and had issued a challenge that he would ''debate anyone at anytime on the intrinsic value of Bitcoin.'' Peter immediately took to Twitter saying he accepts Mike's challenge saying it won't take him ''much time'' to debunk Mike's theories ''as Bitcoin has no intrinsic value to debate.''
Peter, who has decades-long solid career in the stock market and commodities gold trading doesn't believe that cryptos are of any good use and called CNBC's reporting on Mike as ''paid marketing platform.''
Peter tweeted that ''There is nothing special about #Bitcoin'' and ''altcoins will keep growing until the crypto bubble pops'' and predicted that the ''prices will implode almost overnight.''
In a tweet accepting Mike's challenge to debate him on Bitcoin, Peter said, ''During this morning's @CNBC #Bitcoin pump @novogratz issued a challenge that he would debate anyone at anytime on the intrinsic value of Bitcoin. I officially accept his challenge. Who volunteers to moderate? It won't take much time as Bitcoin has no intrinsic value to debate.''
However, Peter's remark against Bitcoin and other cryptocurrencies has ruffled a lot of feathers in the market and HEX coin founder Richard Heart, who supports the crypto market through thick and thin, came down heavily on Peter calling him a ''financial terrorist'' and said that anyone who's followed Peter's financial advice all through these years have ''been massively harmed'' with losses.
Richard Heart slammed Peter Schiff by saying, ''How about I just intellectually b*tch slap you all over any medium you have the balls to face me? Hell you can even bring some backup and tag em in when your tears get too thick. You are a financial terrorist and anyone that's followed you had been massively harmed by you. Pleb.''
However, a user urged Heart to calm down with his replies and harsh words like these is not the right way to go ahead as Peter is only asking for a debate with Mike and that's how financial talks between the two markets need to work.
''The aggressiveness in this post tells me you don't really wanted to debate. Everybody knows Peter's not going to take your offer when you act like this. Why not just be polite. Gold isn't terrorism. It's no different than the watches you buy,'' for which Heart replied, ''I've tried the nice way for a couple years, time to mix it up.''
Also just recently, the CEO of Factor LLC, Peter Brandt, had publicly apologized for talking ill about the crypto market after he realized that thousands of common people had made millions in a short span of time by investing in alt-coins during its inception.
Brandt hinted that the new financial market will slowly but steadily take over the old financial establishment and career stock market brokers need to make way for the new than fight it at every turn.