Writing on Twitter, Peter Schiff, CEO of Euro Pacific Capital and a gold enthusiast, criticized some recent remarks made by Federal Reserve Chairman Jerome Powell.
He thinks that Powell is wrong in a sense that the world does not need another reserve currency to replace the dollar.
"Gold is a much better reserve asset than any fiat currency. In fact, gold reserves legitimize the currencies they back. The dollar only became the reserve currency due to its gold backing," said he.
He added, "Powell is correct that Bitcoin is not used for payments, but wrong to claim that it's a store of value like gold. Not only does this provide more proof that Powell doesn't understand Bitcoin, but that he doesn't understand gold. Ignorance of money is part of his job criteria!"
"Almost no one uses Bitcoin for payments, they use it more as an alternative to gold," Powell said on the July 12 afternoon.