BitMEX Criticizes Peter Schiff for Calling BTC Fee Hike a “Failure”
Economist Peter Schiff has set the stage for a heated debate on the effectiveness of Bitcoin (BTC) as a digital currency following the conclusion of the fourth Halving event. Schiff’s impassioned criticism, expressed on social media platform X, criticized Bitcoin’s rising transaction fees and slow transaction times. However, BitMEX Research, an arm of the popular crypto exchange, disputed Schiff’s claims.
BitMEX Disputes Peter Schiff’s View on Bitcoin Transaction Fees
In a recent post about X, Schiff cast doubt on X’s ability to function as a valid medium of exchange. Moreover, Schiff’s first tweet highlighted the staggering cost of completing a Bitcoin transaction. “The cost to complete a #Bitcoin transaction is currently $128 and the process takes half an hour,” he said. As the situation worsened and processing times exceeded an hour, Schiff reiterated his skepticism.
“It now takes over an hour for a Bitcoin transaction to be processed.” said. However, users stated that these statistics are inaccurate as the average Bitcoin transaction time varies between 10 and 20 minutes. Additionally, following Schiff’s harsh assessment, BitMEX Research offered a dissenting perspective. Quoting Schiff’s tweet, BitMEX Research challenges economists’ narrative about Bitcoin’s “failure.”
“The high cost of $128 to send Bitcoin is a sign of success, not failure.” They liked the situation in a crowded restaurant. Additionally, BitMEX Research acknowledged that while increasing fees are indicative of popularity, high fees may deter usage and hinder future adoption.
Also Read: Peter Schiff Dismisses Bitcoin as a Digital Currency, Cites Post-Halving Flaws
Peter Schiff Defends Gold Tokenization
When a Bitcoin supporter questioned the cost of shipping 1lb of gold safely around the world, economist Peter Schiff redirected the conversation. Moreover, he argued that such costs are currently insignificant in the context of gold’s utility as a currency. Schiff asserted: “This is irrelevant. “People don’t use gold as a currency right now.”
However, Schiff proposed an alternative solution, proposing the tokenization of gold in blockchain technology. The economist argued: “But gold can be tokenized on a blockchain if they want. “The processing time will be almost instantaneous and the cost will be minimal.”
Schiff also highlights the potential benefits of tokenizing gold on the blockchain and how Bitcoin falls short. “Gold works much better on a blockchain than Bitcoin,” he said. Previously, after the Bitcoin Halving event ended, Schiff posted a sarcastic comment that drew a backlash. He stated that Bitcoin investors will soon witness a ‘Halfing’ of their net worth, which will signal the decline of BTC.
Also Read: Bitcoin Price May Increase by 67%; Buy or Sell?
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