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Hello to all of you crypto people, I am a Pinoy crypto trader and in this video we will talk about this news about Bitcoin where it is said here that Peter Chief takes job and bitcoins lack of utility so there you have it again Mr. Peter Chief for those who do not know Mr. Peter Sheff he is a long-time critic of bitcoin for a long time he has been slandering or releasing all his statements or statements are all just slandering Bitcoin and now he has released his new criticism of Bitcoin and his criticism here is the lack of utility of bitcoin so there is no use for Bitcoin so that is what he is targeting right now so there before we continue I just want to clarify my disclaimer where the content of this video is not a financial advice for education and information purposes its purpose is only other than this I also want to warn you that there is nothing The Filipino crypto trader's group chat is, there he is, Mr.
Peter Sheff, that's a well-known and long-standing Bitcoin critic. He's the one who said that Bitcoin has no use or lack of utility. In short, he says that Bitcoin is useless. Bitcoin is used as a mode of payment. Many people use it as payment. In the country of El Salvador, it is used as legal tender or their money to pay for products and services.
That's what we can say. One of its uses or utilities, but Mr. Peter Schiff probably doesn't see it because he is a Bitcoin critic. That's what he said here. In a recent post on the ex social media platform network formerly Twitter, cryptocurrency critic Peter Shei lash out at Bitcoin once again claiming that the largest cryptocurrency Actually has less utility than a pet rock.
That's really the intensity of Mr. Peter Shi's criticism when it comes to Bitcoin. His statements are shared with his ex. that social media account this x is This is the old Twitter that Mr. Elon Musk just changed the old name Twitter to x because Mr. Elon Musk bought this Twitter and he is the new owner of it now this is the most popular social media network when it comes to news There are updated announcements There and There Here is what Mr.
Peter Sheff brings or shares His statements against Bitcoin and That's the strong one here he said that this Bitcoin Oh there is it has less utility compared to a pet rock There is less use compared to a pet rock when we say pet rock is a pet rock This is the real real rock There are people who take care of a rock and they call it pet rock There is this pet rock of course there is only a little maintenance there If you take care of a truck you don't have to feed it that's all you have to do here of course just put it in a container Maybe you have a pet Rock You have a pet so that's it and then Of course it seems like its only use is for display maybe you picked up the rock because of its beautiful shape or it's unique and you thought of making it a pet Rock And display it inside your house so that's its use but According to Mr.
Peter Shif the utility or the use of Bitcoin is less than that so the intensity of his statements here against Bitcoin scarcity without utility That's what he said here is there is scarcity this Bitcoin But it has no use earlier the controversial financial commentator argued that Gold's value comes from the special properties it has as a Precious metal the Yellow metal is used in a lot of industries such as defense electronics health care and so on That's It's the past news we have also heard this statement by Mr.
Peter Sheff where he encourages all Bitcoin investors to switch to investing in gold or gold so that's What he is promoting is that he is promoting gold. That's why he said that when it comes to gold, it has many important utilities, just like in the defense industry, electronics, health care, and many others.
That's why there are many uses for gold or gold. Not like Bitcoin of course. Uh, Gold's unique properties also make it ideal for manufacturing jewelry, in fact, the vast majority of gold consumption is actually driven by the jewelry industry. That's why, except for electronics, health care, where gold is used, he said that the consumption or use of gold is much greater in the jewelry industry or jewelry.
That's why there are many. That's why jewelry manufacturers need gold. That's what he is promoting. That's why gold is used. At the same time, Shif believes that f currencies are backed by nothing but faith. That's why, on the other hand, according to Mr. Peter Shi, the fat currencies are called. That's what the stable coins are.
He says that the backup of these is nothing but trust. That's why they are called. trust so nothing but Fi that's According to the belief of Mr. Peter Sheff but to my knowledge Oh those fiat currencies or stable coins Oh there is that backup that is actual money if we say they released 1 usdt that is 1 usdt of fat currency is b-b they will use that for actual money that is 1 us they will put that in a storage volt a storage or a safe volt so all the things they release that are stable coins Oh there is that backup that is real money real fat currency so that's that That's One is to one That if they release one usdt they will also put or stay 1 us doll of actual money in a volt so that's that's what to my knowledge when it comes to Bitcoin Uh shif is convinced that the flagship cryptocurrency has no unique properties so that's when it comes to Bitcoin this Mr.
Peter Shi is convinced that it has no unique properties there is no other properties In short, there is nothing at all, nothing at all, it's like um, nothing at all, it's like an important thing that we can see here about Bitcoin being scars without having utility is meaningless according to the gold BG.
According to what is called the gold bag, that's what we call the gold bag, it's the one that has value but it has no real value. That's what it's called gold BG and it's like that, it's going up. Its price is going up, but it has no real value. That's what gold is called gold BG and it's like that, it's going to be a college bag, so that's what Mr.
Peter Shi said that Bitcoin has scarcity, but it has no utility or utility, and because of that, it's like this, it's meaningless or it's like That's not meaningful, that's what a warning for Bitcoin bulls and a separate post on X Peter Shi has also cautioned cryptocurrency market participants that too many people are currently bullish on Bitcoin since they are seemingly convinced that the price of Bitcoin will experience a substantial increase during this market cycle, so Mr.
Peter has also issued a warning to everyone. of investors or market participants ah here in cryptocurrencies That's his ah warning here he gave a warning because Many people currently believe that Bitcoin will experience a sharp rise in price ah In this ah market cycle a That's the reason why ah she is now making noise and continues to issue her warnings here however she has noted that markets rarely work out the way speculators expect them to so that's what Mr.
Peter Shif said ah usually the experts ah crypto experts don't come true so that's what she said here the gold bag has hinted that the price of the top cryptocurrency might experience a dramatic correction soon That's the gold bag again this is giving a sign that the price of Bitcoin is about to experience a sharp fall or there will be a sharp price correction so that's it for Mr.
Peter sh so that's up to you whether you believe this Mr. Peter Shif but it's obvious that his The purpose is to encourage all investors of cryptocurrencies to switch to investing in gold, that is, gold or gold. There are probably some who say that this Mr. Peter Sheff probably has a large investment in gold and of course, in order for him to earn a lot, he is encouraging many investors to switch to investing in gold, so that is the rumor that is spreading about why he is doing this.
There but there it is up to you to think about it. Ah, the statements made by Mr. Peter Sheff and that's all we have in this video. I hope you liked my explanation in this video. If you liked it, please click on the like button. For those who are new here, I invite you to subscribe. Please also click on the bell icon because this will serve as a notification for my new videos that I upload on my YouTube channel. Thank you very much for watching. Let's always be careful and God bless us all.
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