- Peter Schiff has once again taken to Twitter to insult the leading cryptocurrency.
- Over the weekend, he said that the price can never be too low indicating that it could easily go down to $0.
The well-known supporter of gold and hater of bitcoin, Peter Schiff has once again taken to Twitter to insult the leading cryptocurrency. Over the weekend on the second of May, he said that the price can never be too low indicating that it could easily go down to $0.
In defending his argument, Schiff cites the no intrinsic value point saying that the digital asset is not backed up by anything to support its price.
The official @bitcoin Twitter handle responded to a tweet from the well-known crypto supporter and founder of Tesla, Elon Musk. The initial tweet from Musk says that the Tesla price was too low. In response to this the bitcoin Twitter account said the bitcoin price is too low in their opinion. Getting involved in the conversation, Peter Schiff responded saying the following:
Too low for what? It's certainly not too low to sell. Given Bitcoin's lack of intrinsic value, it's impossible for Bitcoin's price to ever be too low, as any positive price is not low enough.— Peter Schiff (@PeterSchiff) May 2, 2020
It didn’t take long for the crypto community to hit back at Peter as BTC has been outperforming goals of the past few months during the coronavirus pandemic that’s taken over the world. Peter has made his own estimations for where his precious gold would reach in the past. He made a wild prediction on the metal after he said that it would reach $5000 in 2012 when the gold asset was worth around $1700. Gold never reached that target and is currently trading at the same price whereas bitcoin has been through a lot since 2012…
The argument that bitcoin doesn’t have any intrinsic value has been going around for a while now. Many economists have used the same argument to bash the leading cryptocurrency. The argument is based on that the leading crypto only has value because it has demand. This argument is made redundant though as it’s going does have intrinsic value as it is backed by demand as well as miners. For blockchain technology to work, billions of computers mining weeks need to be hooked up to be calculating these extremely complex problems.