We all know that Peter Schiff is one of the last remaining detractors of Bitcoin. The renowned economist is famous for his diatribes against Bitcoin and the cryptocurrency ecosystem. However, up until May, he hadn’t had much to celebrate, given Bitcoin’s astonishing price rise until then. Now that Bitcoin has suffered a fairly catastrophic drop, Schiff is out in full force on Twitter, attacking not only Bitcoin, but those who support it.
It looked as though that was it. Bitcoin had crashed through the all-important support of $30,000 and looked as though it was going much lower. Mr Schiff sniffed out his chance and started to lay into Bitcoin via his Twitter account.
It would appear that Peter believes that he is the champion of gold while bitcoin is the nemesis and needs to be destroyed in order for gold to flourish. It might be argued though that those who hold bitcoin might also hold some gold. They are both doing a similar job in providing a hedge against the ravages of fiat. Though Schiff may well argue with the statement “Gold good, Bitcoin better”.
An attack on MicroStrategy’s Michael Sayler really is a direct attack at the heart of Bitcoin, given that Sayler is one of the most ardent and passionate supporters of the number one cryptocurrency. It is said that Schiff would like to debate Sayler on Bitcoin – a mouth-watering prospect. However, it appears Sayler has not taken Schiff up on this as yet.
Is this a thing Peter? Would institutions really not get interested in Bitcoin at below $30,000? I would imagine that institutions wishing to get into Bitcoin would see a sub $30,000 price tag as a god send.
You could certainly imagine Peter’s eyes rolling back into their sockets at the pleasurable thought of this trading pattern playing out. If gold were to form a right shoulder to go with the left shoulder and head already in place, would he be as convinced that gold would play this pattern out?
Then a swipe at Barry. Barry Silbert is a Bitcoin bull – ah, that’s why.
Much to Peter’s chagrin, the Bitcoin price now starts to recover. A V-shaped recovery could make Peter an extremely touchy guy to live with. Let’s hope for the family peace that it doesn’t go up too quickly. Spencer, the Schiff offspring, knowing his father better than most, quoted, “The Bitcoin forecasting wizard has spoken”.
Playfulness and tongue-in-cheek quips aside, Peter Schiff is by all accounts an extremely successful and knowledgeable expert on markets. He has earned respect from forecasting economic trends and I’m sure he will continue to do so.
However, has he done more than even a cursory investigation into Bitcoin and what it brings to the table? Such vehement rejection of Bitcoin and cryptocurrencies appears to put him in line with governments and banks. Is this where he really wants to be?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.