Peter Schiff, a well-known critic of Bitcoin, has once again spoken out against the cryptocurrency. This time, he's pointing to the success of technology giant Nvidia as evidence that Bitcoin is doomed. Schiff argues that Nvidia's achievements highlight Bitcoin's lack of practical use and functionality.

According to Schiff, Nvidia's products, such as graphics processing units (GPUs), rely on gold, a tangible and valuable resource. In contrast, Bitcoin has no intrinsic value or utility, relying on gold for its mining process. Schiff emphasizes that while Bitcoin needs gold, gold does not need Bitcoin, and nothing else needs Bitcoin either.

Schiff's criticism of Bitcoin is not new. He has long argued that the cryptocurrency is a useless scarcity, lacking the tangible benefits of assets like gold. In April, he reiterated this point, stating that Bitcoin's value proposition is fundamentally lacking compared to assets with practical uses.

Gold, on the other hand, is a crucial material in the technology industry due to its excellent conductivity properties. Despite its high cost, gold has become indispensable in the production of GPU microchips. Its superior electrical conductivity and resistance to corrosion are critical for the efficiency and longevity of GPUs.

In conclusion, Peter Schiff's latest criticism of Bitcoin highlights the cryptocurrency's lack of practical use and functionality. While Nvidia's success is a testament to the value of tangible resources like gold, Bitcoin's reliance on gold for mining and its lack of intrinsic value spell doom for its future. Schiff's ongoing criticism of Bitcoin serves as a reminder of the importance of tangible assets in the digital age.