Popular Bitcoin hater says the world’s top-valued company’s product uses Gold, not Bitcoin.
Peter Schiff, a prominent U.S. global economist, is a well-known critic of Bitcoin. He strongly advocates for investments in gold and Gold ETFs, believing them to be more stable and reliable. Schiff constantly criticises Bitcoin supporters, using every opportunity to highlight its perceived flaws and risks.
On 19 June 2024, Peter Schiff pointed out that Nvidia has now become the world’s most valuable company, boasting a market capitalization of $3.34 trillion.
He noted that the company’s valuation is so high that it surpasses the Gross Domestic Product (GDP) of all countries except for five.
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Schiff anticipates that in the near future, only the United States and China will have GDPs larger than Nvidia’s market cap. Additionally, to criticise Bitcoin, Schiff mentions that each Nvidia GPU (Graphics Processing Unit) contains between 0.1 to 0.3 grams of gold, but they contain no Bitcoin (referred to as “Sats”).
Indirectly he said that gold is backing the world’s top-valued company but there is no role of Bitcoin blockchain technology.
Some crypto enthusiasts shared their opinion against Schiff’s tweet and said that the use of GPU devices across the world surged rapidly because of crypto mining activities.
Some people shared their neutral stance on Bitcoin & Gold and said that both have their own merits, and their value depends on the needs and perspectives of the individual or entity using them.
Bitcoin price action
The current trade price of Bitcoin (BTC) is $65,172 & this price is 3.3% down over the last 7 days period.
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