US economist explains why Bitcoin is a ‘failure’

Not long after one of the most important events in the cryptocurrency industry – the Bitcoin (BTC) halving – took place, American economist and gold enthusiast Peter Schiff continued to criticize the flagship decentralized finance (DeFi) asset’s ability to function as a digital currency.

As it happens, Schiff said that the “cost to complete a Bitcoin transaction is now $128, and it takes a half hour to process,” later adding that this period had increased to “over an hour,” making the maiden crypto asset unsuitable to act as a digital currency and a “failure,” in his X post on April 22.

The cost to complete a #Bitcoin transaction is now $128 and it takes a half hour to process. This is another reason why Bitcoin can't function as a digital currency. The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It's a failure.

Bitcoin price 24-hour chart. Source: Finbold

Ultimately, Schiff may or may not be correct in his views, which underscores the significance of doing one’s own research before investing a significant amount of money into any asset, be it cryptocurrencies, stocks, real estate, cattle, or anything else.

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