Peter Schiff Lambasts Bitcoin as ‘Meme Coin’

Bitcoin nemesis Peter Schiff has ruffled the feathers of some Bitcoin proponents by classifying the leading cryptocurrency as a "meme coin." 

In his recent social media post, Schiff said that it was "funny" watching cryptocurrency enthusiast Anthony Pompliano trying to define what a meme coin actually is during his recent CNBC interview. 

According to Schiff, there is no actual difference between Bitcoin and some popular meme cryptocurrencies. 

"So it's a fine line to walk when explaining a meme coin without exposing the same fraud about Bitcoin," he said. 

The debate comes amid the growing significance of meme cryptocurrencies within the cryptocurrency ecosystem. Some Bitcoiners, who tend to have more conservative views, have distanced themselves from the recent trend that they believe could be detrimental to the broader industry. 

Schiff has been a vocal Bitcoin critic since 2011 when the original cryptocurrency was still relatively unknown. 

The prominent financial commentator has repeatedly rejected the idea that Bitcoin could possibly compete with gold. 

"Gold is real money. It also says so in the U.S. Constitution. But gold's value comes from the tangible properties that resulted in it becoming money. Bitcoin is fool's gold," he said recently. 

He often faces criticism from the community, with Bitcoin advocates arguing that the gold bug is trying to remain relevant by constantly mentioning the cryptocurrency in a negative light. 

However, Schiff recently stated that he was "popular" even before the leading cryptocurrency was created.