Economist Peter Schiff set the stage for a heated debate on the efficacy of the Bitcoin (BTC) as a digital currency following the conclusion of the fourth Halving event. Schiff’s fiery criticism, voiced on social media platform X, slammed Bitcoin’s escalating transaction fees and sluggish processing times. However, BitMEX Research, an arm of the popular crypto exchange, countered Schiff’s claims.
BitMEX Counters Peter Schiff’s Outlook On Bitcoin Transaction Fees
In a recent post on X, Schiff cast doubt on its ability to function as a viable medium of exchange. Moreover, Schiff’s initial tweet highlighted the staggering cost of completing a Bitcoin transaction. He stated, “The cost to complete a #Bitcoin transaction is now $128 and it takes a half hour to process.” As the situation deteriorated further, with transaction times exceeding an hour, Schiff reiterated his skepticism.
He noted, “It now takes over an hour to process a Bitcoin transaction.” However, users indic
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