Things took an unexpected turn: Bitcoin’s constant critic Peter Schiff admitted that the price of BTC could still show impressive growth, reaching $ 100,000.
In an interview with Coin Stories, the “golden bug” expressed some regrets about the cryptocurrency, or rather, the investment that was not made on time, but ultimately remains bearish.
Peter Schiff is known for many things, including the call to buy gold during the 2008 financial crisis. In the cryptocurrency community, he is known as the man who takes every opportunity to strike at BTC and altcoins.
Speaking to Natalie Brunell of Coin Stories, Schiff ruled out the possibility that the asset will ever be mass-used as a means of payment, which, according to the white pages, is the ultimate goal of Bitcoin.
Citing AMC Entertainment’s recent decision to accept BTC as a payment method, Schiff argued that even bitcoin proponents like Anthony Pompliano don’t believe anyone would ever want to spend their high-value coins on tickets or popcorn.
In addition, the economist said that no homeowner would want to accept BTC for rent as its price rises and falls with huge swings. Thus, he believes that the only merit of bitcoin is that people speculate on it.
At the same time, in his opinion, gold has a lot of applications – from use for the manufacture of Olympic medals to electronics. Schiff argues that its use as a means of payment is another advantage that distinguishes it from Bitcoin.
Despite all the negative things said about bitcoin, he still did not take up the fact that cryptocurrency is a great store of value. In fact, over the past decade, bitcoin has a ROI of 8,900,000%, far superior to the precious metal.
Realizing this, the economist was somewhat reluctant to admit that he should have bought the asset when he first heard about it in 2011.
“I wish I had bought bitcoin when I first heard about it – it was a serious mistake. I could invest $ 100,000 in it, yes, I could. Instead, I invested $ 100,000 in other things that turned out to be unsuccessful, ”Schiff lamented.
Now I could become a Bitcoin billionaire because I knew about it early on. If I could go back in time, I would have acted differently. ”
Additionally, Schiff talked about a potential price hike for BTC. He admitted that it is quite possible to rise in price to $ 100,000 and even $ 1,000,000 per coin. True, he immediately added that the rise in prices does not mean that Bitcoin is not a bubble.