Peter Schiff on Bitcoin
A controversial high profile figure in the crypto industry, Peter Shiff talks about Bitcoin again. This time, he sounds optimistic regarding the future price of Bitcoin. As per him, though Bitcoin cannot gain the position of money, it’s price may rise in the coming years.
Peter Schiff’s Sharp U-turn
It’s worth noting that Peter Schiff is known as Bitcoin critic due to his long-term skeptical views about Bitcoin. According to him, Bitcoin can never replace money and never can be used as a store of value.
More so, Schiff was of the view that Bitcoin cannot reach the price value of $1,00,000. He made this comment possibly to nullify the view of John McAfee who predicted the BTC value to reach $1,00,000. To prove his view, he said that if the BTC rate reaches $1,00,000 per Bitcoin, then market capitalization will reach $1.8 trillion which is supposedly next to impossible.
Recently, Schiff tweeted and was seen taking a sharp U-turn looking at the growth BTC has shown in recent months. As per the tweet, he denied that he has ever said the BTC rate will never rise. Though, he still maintained his view of BTC that will never replace the value of money.
Additionally, he even placed himself in a comfortable position saying that a person would have received a good amount of profit if he/she had done some good amount of investment in Bitcoin 10 years ago.
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
Although, Bitcoin has been in existence for over a year now, yet, analysts believe that there are still many years to go for Bitcoin to receive the designation of ‘peer-to-peer electronic cash system’. Evidently, people are purchasing it to get good returns on investment as they invest in stocks. This being said, the token is yet to receive the position when people consider it as a medium of exchange.
If we look at the other side of the coin, analysts such as Michael Novogratz believe Bitcoin as a store of value. Additionally, the value of Bitcoin has increased drastically back in 2017.
However, at the time of reporting this, the largest cryptocurrency is trading at $9700 against USD, plunging by 0.50 percent within the past 24Hrs.