Is Bitcoin supply meaningless? Peter Schiff says this counts

The defender of gold Peter Schiff rejected the supply ceiling of 21 million bitcoin as arbitrary construction, arguing that the perceived scarcity of cryptocurrency is an illusion.

Longtime bitcoin (BTC) The critic suggested that the transition from the name of 21 million pieces to 21 billion would not affect the underlying economy.

“What if Bitcoin’s supply was 21b instead of 21m? Redefine each BTC while 100K Satoshis (not 100m) maintains the supply of Satoshi the same. Would it still be rare?” Schiff Posted on X. Bitcoin supply is “really meaningless,” he said, adding: “It is the offer of Satoshi that counts”.

Perception of rarity against debate on reality

Bitcoin’s rarity stems from perception rather than fundamental limitations, says Schiff. The subdivision of 100 million Satoshi by Bitcoin creates an arbitrary psychological framework which influences the behavior of investors.

The economist suggested that the redenomification of Bitcoin to show 21 billion units instead of 21 million exhibitions would expose the artificial nature of the rarity story. His argument targets the mathematical base of the Bitcoin value store proposal.

When faced with the recent Bitcoin prices performance compared to gold, Schiff rejected the comparison by noting that “gold has taken a temporary break. Meanwhile, Silver beats Bitcoin. I also have money. ”

Bitcoin is classified as a risk asset

Schiff has classified Bitcoin as a risk asset that gathers alongside technological actions rather than working as a safe refuge. He pointed out that Nvidia has reached a record and the qqq ETF merchanting near all time as proof of Bitcoin correlation with speculative investments.

“CNBC once again praising the recent outperformance of gold by Bitcoin. But Bitcoin is an asset of risk – it has rallied with technological actions,” wrote Schiff. He argued that the lateral trade in Gold shows its security status in complete safety under risk market conditions.

The economist highlighted Silver’s approach at $ 38 per ounce, reaching the highest level since March 2012. He also noted that precious actions of mining metals remain moderate because “investors are distracted by bitcoin”.