Bitcoin Critic Peter Schiff Berates Bitcoin’s Functionality as a Digital Currency, Cites Post-Halving Flaws

Bitcoin critic Peter Schiff questioned the token's functionality as a digital asset following the recent halving event. He hinted that Bitcoin's post-halving brought no significant change, contrary to many expectations.

Schiff mocked BTC holders, stating that the value of their total token holdings would decline by half. However, several community members slashed back on Schiff for his inconsistent claims against Bitcoin.

Schiff Questions Bitcoin Fundamentals And Mocks Halving Event

Schiff criticized Bitcoin and its holders in a series of X posts on April 20. The post started with a sarcastic congratulatory message to Bitcoiners over the just-concluded halving event. He questioned if the Bitcoin holders were celebrating the halving without inviting him.

Congratulations Bitcoiners on the #Halving. Are you guys commemorating this occasion by throwing parties tonight? I haven't been invited to any. I think halving is an appropriate name for what's happening as soon #Bitcoin #HODLers will experience a halving of their net worths.

- Peter Schiff (@PeterSchiff) April 20, 2024

Also, the critic cited what he tagged fundamental flaws" in Bitcoin's functionality as a digital asset. He highlighted the significant surge in the cost of BTC transactions, which rose to about $128 per transaction.

It now takes over an hour to process a Bitcoin transaction.

- Peter Schiff (@PeterSchiff) April 22, 2024

Schiff expressed even more concern about the delay in processing BTC transactions, noting that some take over an hour to complete and confirm. He stressed that such conditions make Bitcoin unfit for daily transactions and contradict its stance as a digital currency.

Further, Schiff mocked BTC holders regarding their Bitcoin portfolio. According to Schiff, BTC holders will record a halving of their net worths." He suggested that Bitcoin's value would drop drastically, creating a massive loss for its holders.

Crypto Community Slashes Out Against Schiff's Claims

Bitcoin proponents lashed out at Schiff for his berating statements about Bitcoin. Many questioned the reliability of Schiff's source of information while pointing out inconsistencies in his assertions.

Reacting to the critic, an X user, Chris Blec, stated that Schiff's tweet is filled with incorrect statements. He mentioned that the average processing time of a Bitcoin transaction lies around 10 minutes.

In response, Schiff expressed confusion about where Chris Blec gets his facts. He said he gathers his information from online platforms.

Another x user, @cptdefieth, mocked Schiff regarding his source of information. The user noted that while others trade and live with BTC, the critic is busy reading and posting.

Notably, Bitcoin completed its fourth halving event on April 20 after mining the 840,000th block. Subsequently, this slashed the mining reward from 6.24 BTC to 3.125 BTC per block.

With a total of 21 million blocks, BTC halving occurs at every 210,000 blocks at four-year intervals. Following the sequence, the primary crypto asset will reach its limit in 2040.

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