Peter Schiff has been one of the most outspoken critics of Bitcoin BTC/USD, questioning the apex cryptocurrency's value proposition and investment rationale of those holding it.
The dislike has been to such an extent that he once termed Dogecoin DOGE/USD, a meme-based cryptocurrency, as superior to Bitcoin.
What happened: In an X post in February 2021, Schiff traded his guns on Bitcoin advocates who expressed concern over tech billionaire Elon Musk’s social media promotion of Dogecoin
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One of the critics was Galaxy Digital CEO Mike Novogratz, who dubbed Dogecoin a "joke" and a risk-laden investment in contrast to Bitcoin, which had a "real purpose," per a CNBC report.
Schiff found these arguments ironical, noting that there was no distinction between Bitcoin and Dogecoin.
"In fact, Dogecoin, despite its being started as a joke, is arguably the superior cryptocurrency," Schiff stated.
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Notably, this happened during Dogecoin’s historic bull run, which eventually propelled it to an all-time high of $0.7376. That level has yet to be surpassed.
While Bitcoin was also pumping, its returns paled in comparison to Dogecoin, which exploded 843% in the first three months of 2021.
Seeing the outperformance, Schiff said, "Dogecoin is eating Bitcoin" in an April 2021 post.
"All the Bitcoin pumpers who claim Bitcoin is better than gold because its price has risen more than gold’s must now concede that Dogecoin is better than Bitcoin," he added.
Why It Matters: Schiff's views on Bitcoin have been controversial, and many of the coin supporters have accused him of doing engagement farming by repeatedly mentioning the coin in his X posts.
His critics believe he secretly owns Bitcoin, in contrast to the overtly critical positions he takes on social media. The economist has consistently denied this claim.
Interestingly, a 2010 interview shows him saying he wished he had brought Bitcoin because of its profit potential.
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