If there is anything that cryptocurrency, especially bitcoin, is constantly subject to, it is criticism. Over the years, these have ranged from rumors of major cryptos dipping to a value of zero to accusations of cryptocurrency being unstable investments, scams or Internet fads that will die off in a few years. Even as cryptocurrency continues to progress and grow in dominance on the world stage, these criticisms continue to pile on, whether from prominent business people such as Peter Schiff or from regulators around the world.
However, according to CZ, the CEO of Binance, crypto critics such as Peter Schiff might actually be doing bitcoin and other crypto‘s a service through their constant criticism.
In a series of tweets, CZ stated that people like Peter Schiff unknowingly create more publicity for bitcoin and other cryptos due to their constant criticism.
“I think Peter is doing great to promote bitcoin. He probably does not realize that given his illogical reasoning, most people will do exactly opposite of what he says,” he said, “We need more of these types of ‘negative’ voices.”
Peter Schiff is known for being very critical of cryptocurrency but also promoting gold as a superior investment to the former. Last week, however, he found himself in criticism over the internet after he had unwittingly accused a crypto wallet provider of losing his cryptocurrency only to find out that he had mistaken his pin for his password. However, he doubled down on his stance and stated that this did not prove anything.
“Bitcoin bugs are saying I’m not qualified to give advice about Bitcoin because I don’t know the difference between a pin and a password. I know the difference now and my advice hasn’t changed,” Schiff tweeted,“But those Bitcoin bugs still don’t know… the difference between #Bitcoin and #gold.”
The exchange between Schiff and CZ is indicative of the constant conflict between those who firmly believe in traditional investments such as gold and those who wish to embrace cryptocurrency as the new investment of the future. As time goes on, it is expected that the two forms of investment might either co-exist or continue to be at odds.