Peter Schiff, a well-known Bitcoin skeptic, has expressed his displeasure with the mayors of New York and Miami’s recent tweets in which they stated their desire to earn their salary in Bitcoin.
Schiff believes the mayors’ decision is motivated entirely by the growing popularity of the cryptocurrency business, rather than a genuine desire to support the technology or Bitcoin. According to him, politicians are “sucking up to crypto whales,” and their primary purpose is to acquire donations from crypto-related businesses.
Newly elected mayors of NYC & Miami want some of their U.S. dollar salaries paid in #Bitcoin. This doesn’t validate Bitcoin as a medium of exchange. Politicians are sucking up to crypto whales to get campaign contributions and have crypto related companies locate in their cities.— Peter Schiff (@PeterSchiff) November 4, 2021
In addition to financial donations, the mayors have pledged to establish ideal conditions for crypto-related businesses based in their respective communities. A corporation based in New York or Miami will be required to pay taxes to the city administration in part.
Schiff has also not shied away from criticizing Bitcoin’s performance, comparing it to a political campaign that is all show and no substance. Later, he said that Bitcoin will only serve to drain money from the coffers of those who were “foolish enough to buy it.”
Institutions, traditional financial companies, and investment managers have all stepped up to support the Bitcoin industry. Several large banks have already declared that their clients want to be exposed to the bitcoin market.
The most recent surge in the industry’s popularity occurred with ProShares‘ acceptance of the first U.S. Bitcoin ETF. In the initial days of trade, their product brought in more than $1 billion for the industry.
