Bitcoin Supporter McCormack Calls Schiff a "Nasty" Human

Summary: Bitcoin advocate Peter McCormack criticized gold enthusiast Peter Schiff, labeling him a "nasty" individual. This comment came after Schiff's public delight over Bitcoin's recent price decline. As the cryptocurrency struggled to maintain its value, Schiff predicted further declines while emphasizing the political implications surrounding Bitcoin's value.

Key Takeaways

Peter McCormack publicly criticized Peter Schiff for his remarks on Bitcoin.
Schiff expressed joy over Bitcoin’s recent drop in price, predicting it will only recover with government support.
McCormack defended Bitcoin investors who have worked hard to secure their financial futures.
Investment manager Lawrence Lepard also condemned Schiff for his impact on gold investors.
Despite gold's strong performance this year, Bitcoin continues to show more promise over longer periods.

Bitcoin evangelist Peter McCormack has strongly criticized gold proponent Peter Schiff, calling him a “nasty” human in a recent social media post. McCormack stated, “The thing that I despise most about Schiff is that he is a nasty human. So many people have worked so hard to save money and invest in their future and the future of their family,” in response to Schiff's latest attacks on Bitcoin.

Earlier this week, Bitcoin faced a significant price dip, briefly falling below the $81,000 mark. During this crash, Schiff's delight was apparent as he voiced his pleasure on various social media platforms.

Schiff is currently enjoying Bitcoin's downturn and has gone as far as to predict that the flagship cryptocurrency will only reach a new high if there is a bailout from the U.S. government. In a recent post that provoked McCormack's reaction, Schiff asserted that the political support for Bitcoin would not diminish despite the recent price drop.

He remarked, “As the price drops, the whales will have less money to donate, and voters will be looking for someone to blame for their losses. Once political support is gone, the bubble will deflate even faster,” suggesting that the future sell-off of Bitcoin could be larger as holdings shift from stronger hands to weaker ones.

Schiff is now receiving increased criticism for his anti-Bitcoin stance. Investment manager Lawrence Lepard commented, “He has cost gold people who listened to him millions of dollars of lost profit. He shows zero shame for this.” Despite gold outperforming Bitcoin this year, it still trails the leading cryptocurrency when viewed over longer timeframes.

Bitcoin Supporter McCormack: Schiff Is 'Nasty' Human