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Peter Schiff Claims Facebook’s Cryptocurrency Threatens Bitcoin, Anthony Pompliano Explains Why It’s False

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The more, the merrierThe real threat

Long-time gold proponent Peter Schiff has recently taken to Twitter to weigh in on the upcoming rollout of Facebook’s new crypto. Schiff claims that it is bad news for Bitcoin, but this didn’t sit well with Morgan Creek’s Anthony Pompliano.

The more, the merrier

Schiff explains that Facebook’s much-hyped venture poses a direct threat to Bitcoin since it will focus on economically developing nations with a high percentage of the unbanked population. According to him, Libra (the alleged name of the highly anticipated stablecoin) will push Bitcoin out of this market. It will be more stable, easy to use, and cheap (compared to the number one cryptocurrency).

However, Pompliano suggests that the coins will be able to coexist, comparing…

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