Gold bug Peter Schiff has long criticized bitcoin while hyping the precious yellow metal. Every time bitcoin sees a minor correction, Schiff is quick to spew more hate on the king of cryptocurrencies.
But in his latest tweet, he basically acknowledged that bitcoin is a great investment as it has brought its early investors’ massive returns on their investments so far.
Making The Case For Bitcoin
CEO of Euro Pacific Capital and Chairman of Schiff Gold, Peter Schiff, is known for taking every chance he gets to demonize bitcoin which has been jockeying with gold for the store of value hegemony. He has constantly made apocalyptic price predictions like in November last year when he said BTC would fall to $1,000.
Most recently, however, he has admitted that smart investors who did not heed to his extremely bearish calls and put their capital in BTC ten years ago have already made a lot of money. He claimed that he never spoke about bitcoin price never rising. Which is ironic because he recently stated that bitcoin will never hit $100,000.
Regardless, his recent tweet has made a strong case for bitcoin as he is openly admitting that bitcoin has been rising over the last decade, subsequently giving stellar returns to its investors.
Schiff Being Schiff
After conceding that bitcoin is indeed a good investment, Schiff swiftly went back to his usual antics. Notably, he has been pushing the narrative that bitcoin is a scam while gold is the epitome of real money. He has gone as far as to insist that the top crypto will never succeed as money.
As expected, Crypto Twitter had some words for the critic.
Another follower added:
“What happens when money fails in regions across the world?
They don’t turn to gold. They turn to BTC.
The list continues. Money fails, and when it does, its #crypto they trust.
Gold is shiny.”
In the same vein, Peter Schiff also recently said that he and bitcoin bull Max Keiser had been invited by Alex Jones to his show to debate bitcoin but Keiser had turned down the invitation. Therefore, he had “won by default”, although he “would have preferred an active victory”
With Schiff finally admitting that bitcoin is indeed a profitable investment, soon he could also concede that the top crypto is disrupting the traditional financial system and is sound money. Who knows?