Sadly I have to admit, I used to look up to this guy. Before I got into crypto, I had already began to smell the bullshit and he was one of the voices who kept on pointing it out.
If you know who Peter is, then you know he's been pushing gold for decades, and thus believed (and still does) that the only way to take back power from the government is to invest in gold.
Peter is correct on his assertions regarding the government's love of the printing machine. Yes, taxes are stupidly wasted, and yes they through inflation they literally steal from our pockets, but his solution belongs to another century and this is the point where we part ways.
Some time ago Schiff decided to move to Puerto Rico. His plan was to move into a tax heaven and thus escape the overreaching government. It didn't quit work of course, and if you keep up with his antics, his business was closed down.
He started his own bank, while at the same time, attacking cryptocurrency enthusiasts all over the world for not understanding finances.
Well, he did put his foot in his mouth, and everyone is not waiting a minute to let him know as much.
I want to be clear about something very important. I, unlike many, don't feel joy that Schiff is struggling right now. Yes, he may hate Bitcoin (although I sincerely doubt it), but he's not our enemy by all means.
If anything, I hope he understand why we need cryptocurrencies to succeed. He may even not like the current available ones (it's possible, I guess), but he should be able to see now that playing the game with their rules will simply never work.
It was rigged from the start....
