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- The CEO of Euro Pacific Capital Peter Schiff has again pinched BTC on Twitter to sprinkle his critiques over the top currency.
- He added his views in a series of flaming tweets by saying, the loan based on BTC is a ‘disaster in the making’ and predicting it will result in huge losses.
- On last Tuesday, Atomic Loams announced about raising $2.45M to launch Compound-style decentralized finance (DeFi) solution for the issuing Bitcoin-backed lending.
The CEO of Euro Pacific Capital Peter Schiff has again pinched BTC on Twitter to sprinkle his critiques over the top currency.
Bitcoin as collateral for a loan is a disastrous idea
The vocal Bitcoin (BTC) hater thinks that using Bitcoin as collateral for a loan is a disastrous idea. He added his views in a series of flaming tweets by saying, the loan based on BTC is a ‘disaster in the making’ and predicting it will result in huge losses.
Sounds like a disaster in the making. How do you accept Bitcoin as collateral for a loan? How do you get your money back if Bitcoin crashes before the loan is repaid?
— Peter Schiff (@PeterSchiff) April 14, 2020
Schiff’s so statement was a reply towards Morgan Creek Digital’s co-founder Anthony Pompliano who announced that Morgan Creek is backing Atomic Loans that will bring DeFi to Bitcoin.
Last Tuesday, Atomic Loans announced about raising $2.45M to launch Compound-style decentralized finance (DeFi) solution for the issuing of Bitcoin-backed lending. The investors participating in this launch are Morgan Creek Digital, Joe Lallouz, Aaron Henshaw, Russell Verbeeten, Mike Cohen of The Abelian Group, and Regan Bozman.
Bitcoin backed loans will allow borrowing stablecoins
The Bitcoin backed loans will offer borrowing stablecoins DAI, USDC by locking BTC in an escrow without losing custody on the Bitcoin blockchain.
Recently, Schiff move on Twitter saying trying to explain the concept of money to a BTC holder is just like ‘banging your head against the wall.’
Trying to explain the concept of money to a #Bitcoin hodler is like banging your head against a wall. These guys are about to learn a very expensive lesson in economics and gain a new appreciation for the age old saying "easy come, easy go."
— Peter Schiff (@PeterSchiff) April 13, 2020
The entrepreneur is an ardent hater of bitcoin criticize by stating the BTC enthusiasts are yet to learn a very expensive lesson in economics and must gain a naval appreciation via an old-age saying ‘easy come easy go.’
He also bashed on twitter a few days back by saying gold will outperform Bitcoin and the latter will crash back to earth.
Over the past several years Bitcoin hodlers poked fun at gold investors because #Bitcoin gained so much more than #gold. Over the next several years those roles will reverse, but not because gold rises more than Bitcoin, but because gold moons as Bitcoin crashes back to earth.
— Peter Schiff (@PeterSchiff) April 11, 2020
During a historical crash of Bitcoin, Schiff commented that Bitcoin only attracts speculators and nobody hopes to buy this volatile asset concluding Bitcoin will never become a safe-haven.
