Popular economist, financial broker, and author, Peter Schiff out of the blues has come out to say some positive about cryptocurrency. Schiff is commonly known to bash crypto always in his most recent tweet, however, claimed that crypto can always rise in value but then has failed to serve its purpose as money.
Peter Schiff had openly dismissed Bitcoin
Overtime, Schiff has openly dismissed Bitcoin alongside its benefits saying on several occasions that it can’t serve its main purpose as money or a store of value.
Lately, Schiff ran Bitcoin down saying that it would never value up to $100,000 as ordinarily, this value is quite high, Bitcoin has however been promising overtime. Bitcoin hiking up to $100,000 equates to a market capitalization of around $1.8 trillion which kooks quiet unachievable for the Crypto but then Bitcoin which is valued around $180 billion looked unachievable previously.
However, in Schiff’s most recent tweet, he claimed he never mentioned that the price of Bitcoin couldn’t increase. He went further to mention that whoever bought Bitcoin 10 years ago and sells now would earn a lot. But he remained adamant that Bitcoin would not make it as money.
I concede that anyone who bought #Bitcoin 10 years ago and sells it today will make a lot of money. But I never said the price of Bitcoin could not rise. I only said that Bitcoin would never succeed as money. Nothing that has happened over the past 10 years has proven me wrong!
— Peter Schiff (@PeterSchiff) February 17, 2020
A second thought on Peter Schiff claims
Schiff claims that Bitcoin would not do well as money could be true in the sense that if the Crypto is continued to be measured in USD value then, there’s still much to be done to make it a traditional medium of exchange.
Currently, people who possess the Crypto also don’t buy to spend but instead buy to convert into fiat at a higher price. However, the Crypto was created to be a peer-to-peer electronic cash system such that it is to be a scarce, immutable and censorship-resistance internet money.
However, Bitcoin remains a good store of value in the sense that its price has continued to increase over time making a lot of people invest and believe in it. Jerome Powell, US federal reserve chairman too believes that BTC is a store of value.
Reactions to Peter Schiff tweet
After Peter Schiff tweeted on Monday, a lot of cryptocurrency enthusiasts have reacted to his position. Many however do not agree with his claim that Bitcoin is not money.
Bitcoin is already being used as money. If you know how to use a search engine, you can easily find businesses that accept #Bitcoin. Let me know if you need basic computer lessons.
— Psychedelic El ₿arto (@PsychedelicBart) February 17, 2020
PsychedelicBart in his reaction to Peter Schiff said that Bitcoin is already used as money and recommended that Schiff use search engine to find businesses that accept Bitcoin for payment.
user Jkwoski hammered that Bitcoin is actually money and said people use it as money for over a decade now.
https://twitter.com/JKwoski/status/1229514712930562049
Featured Image by Pixabay
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