Peter Schiff, a persistent Bitcoin critic, admitted that surprisingly Bitcoin could reach the $100,000 mark. The CEO of Euro Pacific Capital broker-dealer even expressed regret that he had not invested in cryptocurrency earlier. However, he maintains his negative thoughts as before.
It should be noted that Peter Schiff is known for predicting the 2008 financial crisis and being a “golden bug”. Second, he is known as a person who is very optimistic about gold as an investment or a standard for measuring wealth. Cryptocoin. com, Peter Schiff, who takes every opportunity to scold Bitcoin and altcoins, is also known as a long-time crypto critic.
Peter Schiff: Bitcoin will never achieve its goal of becoming a global payment instrument
In a recent interview, Peter Schiff reiterates his negative stance on Bitcoin. He argues that cryptocurrency will never achieve its ultimate goal of becoming a global means of payment. He also claims that Bitcoin proponents like Anthony Pompliano are not convinced that people would want to spend their money on tickets and padollared corn. He says this while referring to AMC Entertainment’s recent move to adopt Bitcoin as a means of payment.
Additionally, he points out that due to its wild volatility, no landlord will accept digital currency as rent. For these reasons, he believes that Bitcoin is only useful as a speculative asset and nothing more. Moreover, the gold beetle adds that gold works better than Bitcoin in the above uses, and when explaining the subject, he says:
Gold is used for Olympic medals, electronics, and even the aerospace industry. It has also historically been used as a different means of payment than Bitcoin.
Peter Schiff, however, cannot dispute the fact that Bitcoin has been among the top performers since its launch, far surpassing that of gold.
Wishes were horses! “I wish I had bought BTC”
Peter Schiff reluctantly admits that he wished he had bought Bitcoin when he first heard about it in 2011, and continues:
I wish I had bought Bitcoin when I first heard about it. This was a huge mistake. Could I put $100,000 in it? Yes, I could. I mean, I put $100,000 into other things that ended badly. I could be one of the Bitcoin billionaires now, frankly I knew that long ago. If I could turn back time, that’s one of the things I would do.
Peter Schiff talks about BTC price trends. st notes that Bitcoin is very likely to reach $100,000 or even $1 million. Still, he notes that this potential price tag doesn’t make Bitcoin any less of a bubble. He even claims that over time, it can turn into such a big bubble that it can replace the term “Ponzi scheme.”