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29 April 2024
Peter Schiff expressed dissatisfaction with the high cost of conducting transactions with Bitcoin.

The increase in transaction fees on the day of the halving prompted the head of Euro Pacific Capital, Peter Schiff, to express his opinion on the failures of the leading cryptocurrency.

Since April 20, due to the decrease in block rewards, the average fee in the network reached a record high of $128.45. Experts attribute this to increased interest sparked by the launch of the Runes protocol.

The cost to complete a #Bitcoin transaction is now $128 and it takes a half hour to process. This is another reason why Bitcoin can’t function as a digital currency. The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It’s a failure. — Peter Schiff.

By the time of writing, the price had dropped by almost 73%, reaching $34.86.

Users in the comments asked the well-known gold advocate how much it would cost for safe delivery of a pound of precious metal worldwide. Estimates ranged from $800,000 to $2.3 million depending on the method and speed of delivery.