Economist Peter Schiff: Facebook's Globalcoin is bad news for Bitcoin

On June 14, Peter Schiff, a well-known gold investor and economist, said that Facebook's cryptocurrency project “Libra” (ie Globalcoin) was bad news for Bitcoin. Facebook will target the growth market on which Bitcoin depends, that is, non-bank account users in high-inflation countries. Libra (Globalcoin) will be stable and will be more convenient and less expensive to use as a medium of exchange than Bitcoin. But the truth is that Schiff assumes that Globalcoin is more popular than Bitcoin in all cases, but this assumption is biased and may be wrong. In fact, some people think that this new cryptocurrency is not a direct competitor to Bitcoin.