Peter Schiff: Bitcoin Transactions Are Too Expensive
As the block rewards decreased, the day of halving saw a significant rise in transaction fees, prompting Peter Schiff, President of aEuro Pacific Capital, to once again proclaim the failure of the leading cryptocurrency.
On April 20, the network recorded an all-time high average fee of $128.45, which experts attributed to the hype surrounding the launch of the Runes protocol for the halving event.
Schiff stated,
“With a $128 cost and a half-hour processing time, Bitcoin simply cannot operate as a digital currency. The expenses of using it in this capacity are too exorbitant, hence its failure.”
As of now, the average fee has dropped by 73% to $34.86. Some users questioned the well-known advocate of gold on how much it would cost to securely transport a pound of the precious metal globally. Estimates ranged from $800,000 to $2.3 million, depending on the method and speed.
