If Bitcoin was so good everyone would want to buy it. So, where does the money to buy Bitcoin come from?
Spencer Schiff stated, “Buying bitcoin on credit is much better than buying no bitcoin at all. The most important financial necessity for everyone right now is having bitcoin. Fiat liabilities are secondary.”
In reply Peter Schiff Stated, “Until you get a margin call and lose everything. Betting the farm, the house, on anything is not a good idea, and it’s an especially bad idea if you are speculating on something like Bitcoin.”
On January 19, 2020 Peter Schiff: I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!
The Anti-Bitcoin Attitude of Peter Schiff is well known. However, anytime Peter prophesizes against Bitcoin, there are onlookers who have invested in bitcoin and those who are prospecting to invest in bitcoin. These people have their own opinions about what Schiff stated.
So, here is how the community reacted to Peter Schiff bullying BTC: Peter, you’ve admitted you own some Bitcoin. If you were truly bearish, you would sell it. But even you know that your fraction of a Bitcoin will have insane value after Bitcoin flips gold’s market cap, you must be holding it as a hedge against your failing asset.
The only Bitcoin he has was gifted to him and he forgot the wallet password & seed phrase.
Bitcoin is like rare metals on crack. It makes sense for younger people since the volatility doesn’t matter as much. However, dividends stocks are insanely cheap ATM. You can make a solid 7% or more in dividends on top of the price appreciation. And I’m not talking about miners.
The reason Bitcoin is the perfect asset, is because it doesn’t exist. Things that exist are overrated and complicated. Bitcoin being imaginary is a pro, not a con. Why store value in something that is tangible, when there’s something with intangible/incalculable value.
What is the value of the USD? It’s no longer backed by gold or silver. It can be printed in unlimited amounts and the value is only backed by the US government. Now the US government is doing everything in their power to destroy itself. So, what actually has value?
Peter Schiff Supporters are like: Modern day tulip buyers. It will all be over soon, except for the debt hodlers will owe.
Steven is a technology-focused writer with a strong interest in emerging digital trends and innovation. With experience spanning both travel and online projects, he brings a global perspective to his reporting and analysis. His work reflects a practical understanding of how technology, markets, and digital platforms intersect, offering readers clear insights into developments shaping the modern tech and crypto landscape.
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