Peter Schiff claimed that cryptocurrencies increase inflation!

Bitcoin (BTC) and altcoins failed to maintain the uptrend seen in the last weeks of this week. The possibility of Chinese real estate giant Evergrande going bankrupt has caused concern in all financial markets, including cryptocurrency. The latest statements from Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), further deepened the current correction. Gensler warned that new regulations in the cryptocurrency market, which he likened to the “Wild West,” could hurt many.

According to data from CoinMarketCap, Bitcoin, which was trading at around $ 47,500 on Sunday, fell to $ 39,700 during the week. The largest altcoin Ether (ETH), which closed the week around $ 3,350, fell to $ 2,670 for the week.

This correction in the market also presented the opportunity that crypto critics were waiting for.

Gold investor Peter Schiff, one of these critics, In a Twitter post on September 23 He made an unusual comment about cryptocurrencies. Schiff argued that cryptocurrencies trigger inflation:

“The crypto frenzy is increasing the upward pressure inflation is putting on consumer prices. The sectors that produce real consumer products do not find the capital allocated to finance startups and NFTs related to cryptocurrencies. Fewer products mean higher prices. “

This comment from Schiff received a huge backlash from Crypto Twitter members. WallStreetBets, the popular account for January’s GameStop events, said: made a comment:

“His argument becomes invalid at the point where he says ‘produces real consumer products.’ If I can prove the utility of the diamond necklace, I can test the utility of the Diamond Hands NFT. “

There were also those who treated the subject in a cynical way. Twitter user @AlpacasUnited said: “This guy has a good reputation for being on the wrong side of history. If we look back at Peter Schiff, we will see those who claimed that the Earth was at the center of the universe during the Renaissance. , if we also remember that. ” he affirmed.

BTC, which has gained 3.8 percent in the last 24 hours, is trading at $ 44,122 at press time, and ETH, which has risen 6.5 percent, is trading at $ 3,138.

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