He criticized CNBC for overlooking the fact that “gambling doesn’t count as a use case for a currency.”
This statement comes as the U.S. Court of Appeals for the D.C. Circuit on Wednesday cleared the path for Bitcoin exchange-traded funds (ETFs).
Schiff added, “If you want such a hedge, you can buy gold. Bitcoin isn’t a hedge against anything.”
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’
Why It Matters: Earlier on Feb.17, Schiff said there are too many wild cards when it comes to Bitcoin, including the biggest wild card in the Grayscale Bitcoin Trust.
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