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Peter Schiff, the well-known enemy of Bitcoin, said in his last tweet that the price of Bitcoin can certainly rise, even if Bitcoin itself will never be used as a method of payment.
Goldwanze admits that the price of Bitcoin can go up
Peter Schiff is known as an economist, author as well as a so-called gold bug. He is also not a big fan of Bitcoin, as he keeps saying on Twitter. He never missed a chance not to beat Bitcoin. It is precisely because of this attitude that he has become very well known in the crypto world. The recent event, in which he no longer had access to his Bitcoin, has shown that he does not understand the technology and above all the handling. In his latest tweet, however, he admitted that Bitcoin can actually increase in value, although for him BTC will never serve its purpose as a means of payment.
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
“I admit that anyone who bought #Bitcoin 10 years ago and sold it today made a lot of money. But I never said that the price of Bitcoin cannot go up. I just said that Bitcoin would never be successful as money. Nothing that has happened in the past 10 years has proven me otherwise! ”
In one of his last tweets, he wrote that Bitcoin will never reach $ 100,000. If you extrapolate, it would need a market cap of over $ 1.8 million, which sounds like a lot. However, looking back, no one would have thought that market capitalization would ever reach $ 180 million.
In his new tweet, Schiff said that he never said that the price of Bitcoin cannot go up. He even wrote that anyone who bought and sold BTC 10 years ago was making good money with it.
Nevertheless, he holds on to his view that Bitcoin will ever be used as a means of payment.
Bitcoin will continue to be used as a form of payment, especially as long as people continue to convert Bitcoin to EUR. Bitcoin was designed as a peer-to-peer e-cash system, which means that its main purpose was to serve as scarce, unchangeable, and censorship-free internet money. To date, however, BTC is used as a pure speculative tool, which hardly anyone spends, but simply holds to make more Fiat with it.
On the other hand, Bitcoin shows its strength here, namely the ability to serve as a store of value. If you look at the history of Bitcoin, you will see that it has increased enormously. This is exactly why many people view BTC as a store of value and even a safe haven, much like gold. Even the Fed chairman, Jerome Powell, sees it the same way.
“… We haven’t seen any acceptance yet. Bitcoin is a good example of this. Really, almost no one uses Bitcoin for payments. They actually use it as an alternative to gold. It is a store of value, it is a speculative store of value like gold. ”
Image source: Pixabay / Annca
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