Peter Schiff Concedes Bitcoin’s Profitability
In a twist that has left many scratching their heads, notorious Bitcoin skeptic Peter Schiff recently acknowledged that holding Bitcoin has indeed proven lucrative. In a tweet dated February 18, he conceded that anyone who invested a decade ago would be swimming in profits, a statement that has sent ripples through the crypto community. “I concede that anyone who bought #Bitcoin 10 years ago and sells it today will make a lot of money,” he stated. Consider it the financial equivalent of a cat begrudgingly admitting that a mouse might have outsmarted it.
Same Old Arguments: Bitcoin as Money
However, don’t pop the champagne just yet. Schiff maintains his long-held position that Bitcoin will never truly rival traditional fiat currencies. He emphasized, “But I never said the price of Bitcoin could not rise. I only said that Bitcoin would never succeed as money.” It seems that regardless of Bitcoin’s success in garnering investors’ enthusiasm, Schiff remains convinced it will always play second fiddle in the currency game.
From Forgetting to Rediscovering: A Personal Touch
Adding a personal twist to his narrative, Schiff recently recovered the wallet password he thought he had lost, which has now made him the proud owner of approximately 0.4 BTC. This moment was somewhat bittersweet for Schiff, as he previously felt slighted when his Bitcoin holdings seemed lost forever. It’s like rediscovering your old high school yearbook—nostalgic but not necessarily indicative of your current status.
Twitter Takedown: A Duel of Ideologies
Schiff’s latest claims did not go unchallenged on Twitter—where opinions run faster than a kid on Christmas morning. Replying to Schiff’s lamentations was TravelbyBit, a Bitcoin-friendly travel agency that quickly asserted, “#Bitcoin has succeeded as money.” The retort epitomizes the ongoing war of words between crypto enthusiasts and skeptics, making for quite the digital boxing match.
The Gold Standard: A Battle Between Old and New
It’s no secret that Schiff is a staunch gold advocate, and he’s not backing down anytime soon. He continues to assert that Bitcoin lacks the foundational qualities of traditional money and has highlighted the comments from RT host Max Keiser who recently upped his Bitcoin price prediction from $100,000 to a staggering $400,000. This left many wondering if Schiff will ever find common ground with Bitcoin supporters.
As Saifedean Ammous points out in The Bitcoin Standard, Bitcoin doesn’t just meet traditional monetary attributes; it surpasses them in many ways, presenting a compelling case as ‘digital gold’—a term Schiff finds difficult to counter. The ongoing debate about Bitcoin potentially eclipsing the market cap of gold remains heated and fraught with opinions as diverse as the toppings on a pizza.
