Peter Schiff, a huge proponent of gold, declares bitcoin, to be inferior to be used as a currency because it lacks commodity status. Because Peter is a "expert" people accept his statements at face value because he is the authority. Unfortunately, if you know a substantial amount about a subject, it's easy to take on, the arguments he makes. It's the gellMan amnesia effect where you believe everything where you don't know a lot about, but actively tear apart arguments on the other side when you do.