Peter Schiff took to Twitter to suggest that the private sector should harness the power of blockchain technology to tokenize the ownership of gold and silver.

What Happened: Schiff was responding to a post by a Twitter user ‘Wall Street Silver’ who shared a video showing a girl in China excited about the convenience of face-scan payments. 

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She was so excited about the convenience of face-scan payment in China…no card or phone needed … 🤡 🌎

Wait until the govt decides your social credit score is too low for not doing what they tell you. No water for you until you receive your 4th booster. 😲

🔊sound …😰 pic.twitter.com/XJ9dCKkukk

— Wall Street Silver (@WallStreetSilv) December 26, 2022

'Wall Street Silver' ominously warned, saying "Wait until the government decides your social credit score is too low for not doing what they tell you. No water for you until you receive your 4th booster.” The user added, "Combine that with a Central Bank Digital Currency (CBDC) and your freedom is gone. They (governments)  track your every movement and location at all times, your spending decisions and turn off your money if you disobey."

In response, Schiff highlighted the urgent need to implement blockchain technology, so ordinary citizens can tokenize ownership of precious metals such as gold and silver, cutting out the government and their oppressive control.

Elon Musk, the owner of Twitter, was quick to respond to Wall Street Silver's comment. With an emoji of a wide grin, it appeared that Musk agreed with the sentiment.

Another Twitter user chimed in to explain that a digital asset that represents gold has already been created, referring to Bitcoin (CRYPTO: BTC).

Schiff sure fired back a quick response: "It has been done, but not by Bitcoin. Bitcoin is not tokenized gold, it's tokenized nothing."

It has been done, but not by Bitcoin. Bitcoin is not tokenized gold, it's tokenized nothing.

— Peter Schiff (@PeterSchiff) December 27, 2022

Price Action: At the time of writing, Bitcoin was trading at $16,664, down 1.29% in the last 24 hours, according to Benzinga Pro data.

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