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Peter Schiff Provides an Unexpected Bitcoin Prediction
Gamza Khanzadaev
Peter Schiff shares a provocative hypothetical scenario involving US companies investing entirely in Bitcoin
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Financial commentator Peter SchiffKnown for his critical stance towards Bitcoin, he recently took to social media with a series of posts mixing sarcasm and financial speculation.
Schiff suggested a hypothetical scenario in which all publicly traded U.S. companies liquidate their assets, cease operations, and invest the proceeds entirely in Bitcoin.
He claimed that this would make each Bitcoin worth millions, dramatically increasing the market capitalization of US stocks and making everyone rich.
Schiff extended his satirical narrative by addressing his own investments, particularly in U.S. oil stocks. He implied that if these companies followed suit and converted their assets into Bitcointhe value of their shares would skyrocket, enriching investors like him.
He pointed out the absurdity by noting that, while this would make everyone theoretically rich, there would be no actual goods or services left.
Schiff against Bitcoin
This rhetoric targets the optimistic predictions of Bitcoin supporters, often called maximalists. These enthusiasts support it Bitcoin it is destined for unlimited growth, positioning itself as the future cornerstone of global finance and a social model.
In contrast, Schiff has consistently criticized Bitcoin, describing it as a bubble and a scam with no intrinsic value.
BTC to USD by CoinMarketCap
Despite Schiff’s criticism, The price of Bitcoin continues to quote around $68,000 per coin. Earlier in the day, the price of Bitcoin saw a decline of more than 1.5%. The cryptocurrency remains within striking distance of its all-time high of $74,000, 9% lower than this peak.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.